Nigeria’s Creative Economy Attracts $300m, FG Set To Share $100K, Invites Nigerians To Apply

• The Federal Government has announced that it has secured a $300 million investment commitment in the creative economy
• The investment is being used for the Creative Economy Development Fund (CEDF) to provide financing for the creative industry
• Applications are now open for Nigerians in sectors like film, music, fashion, gaming, and tourism with ideas to secure $100,000+ grants

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Ministry of Arts, Culture, and the Creative Economy has secured over $300 million in investment commitments as part of a sweeping plan to transform the country into a global creative powerhouse.

Hannatu Musawa, Minister of Art, Culture and the Creative Economy of Nigeria, announced on Friday, May 16, at a ministerial press briefing in Abuja.

Musawa unveiled the Creative Economy Development Fund (CEDF), a flagship initiative designed to provide affordable financing to creative businesses, support innovation, and generate two million jobs by 2027.

She said:

“In just 18 months, we have secured over $300 million in investment commitments and established innovative funding mechanisms.

“We’ve also launched infrastructure projects that will fuel job creation and inclusive growth.”

The $200 million CEDF, managed by the African Export-Import Bank (AfreximBank), will provide loans and grants to support entrepreneurs across sectors including film, fashion, music, digital platforms, tourism, and arts, BusinessDay reports.

FG offers $100,000 grants, opens Applications

Meanwhile, the Federal Government has launched phase one of the CEDF and is inviting applications for grants starting from $100,000.

The application window for this phase closes May 30, 2025, with a second phase targeting SMEs and startups set to begin August 4, 2025.

The fund targets a wide range of creatives: writers and publishers, filmmakers, artists, fashion designers, game developers, cultural tourism providers, logistics companies, and training institutes.

Applicants must submit a five-year business plan, provide proof of business registration, and supply detailed contact and operational information.

According to the ministry, only applications for $100,000 and above will be considered in this phase.

Eligible and interested applicants should visit the fund’s platform, click on apply, fill out the form and provide their details.

Intellectual property-backed financing

A key highlight of the initiative is the introduction of IP-backed financing, allowing creatives to use assets such as film rights and music catalogues as loan collateral. This model is seen as a landmark innovation in unlocking the value of Nigeria’s cultural content.

The minister explained

“This initiative expands financing for creatives traditionally excluded from bank loans and investor networks."

Musawa noted that it will support the federal government’s strategy to diversify the economy beyond oil and boost the country’s global cultural influence.

Creative hubs planned

President Bola Tinubu is expected to unveil creative hubs across Nigeria’s six geopolitical zones, part of a broader plan to improve rural inclusion and youth engagement in the sector.

FG moves to close tech gaps in Nigeria

Earlier, Legit.ng reported that the federal government received a N1 billion grant from Airtel Africa Foundation.

The grant is meant to boost the 3 Million Technical Talent initiative (3MTT), an initiative of the government to build strategic talent for the tech sector.

Tijani noted that the project is being championed by the ministry to bridge the digital divide by creating a pool of strategic tech talents to catapult Nigeria into a key position in the world's technology landscape.

Source: Legit.ng