FG Launches New Funding for Creative Minds, Beneficiaries to Get $100,000

• FG has launched the Creative Economy Development Fund to support creatives, entrepreneurs, and cultural organisations, with applications open until May 30
• The fund offers various financing options, including affordable loans, equity investments, and grants to scale creative businesses across multiple sectors
• The program’s first phase will begin in January 2026, with a second phase targeting MSMEs and SMEs starting in April 2026

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

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.

According to the ministry, the fund is intended to scale projects with solid financial records and well-defined plans for growth. It also noted that the first round of applications, which began on April 28, 2025, and is scheduled to end on May 30, targets established companies that require more than $100,000.

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According to the statement, those working in Nigeria's creative and cultural industries, including fashion designers, filmmakers, musicians, artists, tour operators, and game developers, are welcome to apply.

“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.

FG's CEDF initiative and application for loan

The ministry claims that the CEDF helps companies in the creative industry by giving them the money they need to scale their production, increase their access to markets, and develop resilience.

It also anticipates that creators will be able to use intellectual property as a financial asset, releasing the value of digital content, music catalogues, film rights, 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.

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“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.”

According to the ministry, those who are interested in applying should go to CEDFnigeria.com, fill out the official application, submit project plans, and supply the necessary financial documentation.

“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.”

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A private sector-led investment committee would supervise the independent specialists who will carry out the CEDF appraisal procedure, the ministry added.

FG distributes N2.25bn to support small businesses

Legit.ng earlier reported that Dr. Olasupo Olusi, managing director and chief executive officer of the Bank of Industry (BoI), affirmed that the federal government disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe.

The purpose of the meeting was to inform the Gombe business community about the Federal Government Loan Scheme for MSMEs and manufacturing businesses, which is worth N200 billion.

Nearly 900,000 beneficiaries in Nigeria's six geopolitical zones have received over N107 billion from the Federal Government through the BoI, according to Olusi.

Source: Legit.ng