The Federal Ministry of Art, Culture, Tourism, and Creative Economy has unveiled the Creative Economy Development Fund (CEDF), a strategic financing initiative aimed at accelerating growth within Nigeria's creative industries.
The fund is set to provide accessible capital to artists, cultural entrepreneurs, and creative businesses across sectors such as film, music, fashion, literature, visual arts, and digital content creation.
Backed by a public-private partnership model, the CEDF will be jointly implemented with financial institutions to ensure broad access and impactful disbursement.
The move is part of the federal government's broader effort to harness the creative sector's potential, which already contributes around 2.3% to Nigeria's GDP (NBS, 2021) but remains underfunded.
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Minister Hannatu Musa-Musawa described the fund as a bold step to turn Nigeria's creative talent into sustainable economic value. "The CEDF represents our commitment to transforming Nigeria's creative talents into sustainable economic assets," she said.
Expected to roll out in Q1 2025, the CEDF will include not just funding but also capacity-building programs and a robust monitoring framework to ensure transparency and effective use of resources.
If effectively implemented, the CEDF has the potential to unlock Nigeria's $100 billion creative economy, generate millions of jobs, and reinforce the country's status as Africa's leading creative hub.
