By Nneka Nwogwugwu
The Federal Ministry of Arts, Culture, Tourism, and Creative Economy (FMACTCE) has launched the Creative Economy Development Fund (CEDF), a groundbreaking initiative approved by the Federal Executive Council (FEC).
This fund aims to drive growth, innovation, and sustainable financing in Nigeria’s creative and cultural industries, reflecting the government’s commitment to job creation, economic diversification, and enhancing the country’s global cultural influence.
The CEDF marks a significant national investment in the creative sector, recognising its potential as a powerful engine for economic growth, cultural diplomacy, and global competitiveness.
Key Objectives
The CEDF is designed to:
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Stimulate Growth – Accelerate the expansion of creative and cultural industries.
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Increase Access to Finance – Provide diverse funding options for creative entrepreneurs.
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Support Job Creation – Foster new employment opportunities, particularly for youth.
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Boost Economic Diversification – Strengthen Nigeria’s cultural economy as a driver of non-oil revenue.
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Promote Financial Innovation – Establish a transformative model for intellectual property.
Benefits
Successful applicants will receive support to:
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Empower creatives, entrepreneurs, and organisations within the cultural and creative industries.
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Unlock the immense potential of Nigeria’s creative sector as a catalyst for economic growth and cultural diplomacy.
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Access capital to expand production, reach new markets, and scale operations in sectors such as film, music, fashion, art, publishing, gaming, and cultural tourism.
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Open up new financing avenues for creative entrepreneurs and organisations.
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Create new jobs and sustainable livelihoods, particularly for young Nigerians.
How to Apply
The CEDF application process has two phases:
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PHASE 1 – Opened on April 28 and closes on May 30, 2025.
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PHASE 2—Opens on August 4, 2025, targeting SMEs and MSMEs with smaller ticket-size investments.
To apply, visit the official CEDF application portal.
The Federal Ministry of Arts, Culture, Tourism, and Creative Economy has introduced the Creative Economy Development Fund (CEDF), endorsed by the Federal Executive Council, aiming to boost growth in Nigeria's creative sector. This initiative focuses on stimulating growth, providing financial options for creative entrepreneurs, promoting job creation, enhancing economic diversification, and encouraging financial innovation. The fund seeks to harness Nigeria's cultural and creative industries to drive economic growth and cultural diplomacy.
Beneficiaries will receive aid to empower creatives and entrepreneurs within the cultural sector, unlock potential for economic and cultural progression, and access capital to expand operations in fields like film, music, fashion, and more. The CEDF will open new financing channels and generate employment, particularly for youth. The application process occurs in two phases, with Phase 1 running from April 28 to May 30, 2025, and Phase 2 starting on August 4, 2025. Interested parties can apply through the official CEDF application portal.
