Federal Government Unveils Multi-Million Dollar Fund to Power Nigeria’s Creative Sector

By Achimi Muktar

In a bold move set to transform Nigeria’s booming creative landscape, the Federal Government has launched the Creative Economy Development Fund (CEDF) — a game-changing financial lifeline aimed at empowering filmmakers, musicians, artists, designers, writers, and more with access to capital, loans, and grants of up to $100,000.

Announced on Sunday in Abuja by the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, the CEDF is more than just a funding initiative — it’s a strategic investment designed to make the creative industry a pillar of Nigeria’s economy and a tool for international cultural influence.

“This is not just a financial intervention,” said Musawa in a statement signed by her media aide, Nneka Anibeze. “It is a call to action for creatives, entrepreneurs, and industry enablers to scale their dreams and contribute to a thriving, inclusive creative economy.”

Structured as an independent and professionally managed fund, CEDF offers a wide array of funding options — from affordable loans and credit facilities to equity and grant funding — across sectors like film, fashion, music, publishing, gaming, art, and cultural tourism.

What’s on the table?

Over $100,000 in funding for mature projects in the first phase (application open till May 30, 2025).

Up to $100,000 for SMEs and MSMEs in the second phase (opening August 4, 2025).

Access to equity and quasi-equity investment for high-growth enterprises.

Grants for socially impactful and innovative cultural projects.

Support to help creators monetize their intellectual property — including film rights, music catalogs, and digital content.

Musawa emphasized that this fund aligns with President Tinubu’s Renewed Hope Agenda, targeting job creation, economic diversification, and the elevation of Nigeria’s global cultural presence.

“The fund will boost innovation, scale production, and open up market access,” she said, encouraging creatives from all walks — from legal consultants to logistics companies — to seize the opportunity and apply through CEDFnigeria.com.

The application review and onboarding for the first phase will run from June to December 2025, with disbursements starting January 1, 2026. For the second phase, disbursements begin April 1, 2026.

With the Ministry of Finance Incorporated as anchor shareholder and oversight by an independent investment committee, CEDF is setting a new standard in creative financing.

Musawa also called on investors and development partners to co-invest or participate in specific sub-funds, making it clear that the fund is not only a spark for creators — but a beacon for capital.