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The federal government has launched the creative economy development fund (CEDF), an initiative to support creatives, entrepreneurs, and cultural organisations in Nigeria.
The ministry of arts, culture, tourism, and creative economy announced the scheme in a statement on Sunday, according to NAN.
The ministry said the fund aims to scale projects with strong financial documentation and clear expansion plans, noting that the first phase of applications, which opened on April 28 and is expected to close on May 30, targets mature businesses needing over $100,000.
The statement said fashion designers, filmmakers, musicians, artists, tour operators, gaming developers, and other professionals in Nigeria’s creative and cultural sectors are eligible to apply.
According to the ministry, the fund aligns with President Bola Tinubu’s ‘renewed hope agenda’ by supporting job creation, cultural promotion, and economic diversification.
Speaking on the initiative, Hannatu Musa Musawa, minister of arts, culture, tourism, and creative economy, described the fund as a “strategic national investment” to unlock Nigeria’s creative potential.
“This is not just a financial intervention. It is a call to action for creatives, entrepreneurs, and industry enablers to scale their dreams and contribute to a thriving, inclusive creative economy,” Musawa was quoted as saying.
HOW TO APPLY FOR THE LOAN
According to the ministry, the CEDF supports businesses in the creative sector by providing capital to scale production, expand market access, and build resilience.
The initiative is also expected to allow creators to leverage intellectual property as a financial asset, unlocking the value of film rights, music catalogues, digital content, and other creative works.
“CEDF offers various funding options for creative businesses, including affordable loans and credit facilities for businesses across sectors such as film, music, fashion, art, publishing, gaming, and cultural tourism,” the ministry said.
“Equity and quasi-equity investments in high-growth creative enterprises, Grant funding for socially impactful and innovative cultural projects and focus on leveraging intellectual property (IP) as a bankable asset class for securing financing.”
To apply, the ministry said interested applicants must visit CEDFnigeria.com, complete the official application form, submit project proposals, and provide the required financial documents.
“Applicants must then wait for the evaluation process and, if selected, receive support beginning January 2026 (phase one) or April 2026 (phase two). Application review, project onboarding, incubation, and acceleration for phase one will take place from June to December 2025, with the disbursement of funds starting on January 1, 2026,” it added.
“For phase two, disbursements will start on April 1, 2026.
“The second phase will open on August 4, focusing on micro, small and medium enterprises (MSMEs) and small and medium enterprises (SMEs) requesting under $100,000.”
The ministry also said the CEDF evaluation process will be conducted by independent experts under the oversight of a private sector-led investment committee.