The application process will be rolled out in phases, with the first call for proposals open till May 30, 2025, prioritizing mature projects seeking over $100,000.
The Federal Ministry of Art, Culture, Tourism, and Creative Economy has introduced the Creative Economy Development Fund (CEDF) to provide loans for creatives, entrepreneurs, and organisations. Minister Hannatu Musawa described the initiative as part of President Bola Tinubu’s Renewed Hope Agenda, aimed at job creation, economic diversification, and enhancing Nigeria’s global cultural influence. “This is not just a financial intervention. It is a call to action for creatives to scale their dreams,” Musawa stated.
The CEDF will provide tailored financial support, including debt, equity, and grants, to boost innovation and global visibility for Nigeria’s creative and cultural projects. The fund will also enable creators to leverage intellectual property, such as film rights and music catalogues, as financial assets. “It is designed to unlock Nigeria’s creative potential and position the sector as a driver of economic growth,” the ministry said. Applications are now open for eligible candidates.