The Federal Ministry of Art, Culture, Tourism, and Creative Economy has introduced the Creative Economy Development Fund (CEDF), a new financing initiative designed to support growth and innovation in Nigeria’s creative industries.
The Purpose of the fund is to Provide accessible funding for artists, cultural entrepreneurs, and creative businesses.
The sectors to be covered are Film, music, fashion, visual arts, literature, and digital content creation.
The Implementation process for the fund will icnlude a Partnership between government and private financial institutions.
The fund is expected to enhance Economic Growth with the sector contributing 2.3% to GDP (NBS 2021) to Nigeria’s Economy but faces funding gaps.
It is also expected to help in Job Creation with a Potential to generate employment for millions of young Nigerians while also aiding Nigeria’s global Competitiveness Strengthening Nigeria’s position as Africa’s creative hub.
According to the Minister “The CEDF represents our commitment to transforming Nigeria’s creative talents into sustainable economic assets,” said Hannatu Musa-Musawa, Minister of Art, Culture and Creative Economy. “This fund will provide the financial infrastructure our creatives need to thrive locally and internationally.”
Application portal for the fund is expected to open Q1 2025 with capacity-building programs to help beneficiaries utilize funds effectively and a Monitoring framework put in place to ensure transparent disbursement.
The CEDF could unlock Nigeria’s $100 billion creative economy potential if implemented effectively, positioning the sector as a key driver of economic diversification.
