Gboyega Oyetola

The federal government has unveiled a new loan initiative aimed at boosting Nigeria’s creative sector through the Creative Economy Development Fund (CEDF). The fund, announced by the Ministry of Art, Culture, Tourism, and Creative Economy, will offer financial support to creatives, entrepreneurs, and cultural organisations.

According to a statement from Nneka Anibueze, Special Adviser to Minister Hannatu Musawa, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda to create jobs, diversify the economy, and promote Nigeria’s global cultural presence.

“The CEDF is more than financial aid; it’s a strategic investment to scale innovation and harness intellectual property in film, music, fashion, and tourism,” Musawa stated.

The fund will provide affordable loans, equity investments, and grants to support high-growth businesses and impactful cultural projects. Applicants can also use creative assets like music catalogues and digital content as collateral.

The first round of applications, targeting projects seeking over $100,000, runs until May 30, 2025, with disbursements starting January 2026. A second round for MSMEs seeking under $100,000 begins August 4, with disbursements from April 2026.

The programme is open to creatives across industries including writers, designers, gaming studios, and media agencies. Assessments will be conducted by independent professionals under the oversight of a private-sector investment committee.

The Ministry of Finance Incorporated will act as the fund’s anchor shareholder, with opportunities for co-investment from private and development partners.