See more as Nigeria’s creative economy attracts $300m, FG to share $100k+ each

• The Federal Government has announced that it has secured a $300 cardinal concern committedness successful the originative economy
• The concern is being utilized for the Creative Economy Development Fund (CEDF) to supply financing for the originative industry
• Applications are present unfastened for Nigerians successful sectors similar film, music, fashion, gaming, and tourism with ideas to unafraid $100,000+ grants

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Ministry of Arts, Culture, and the Creative Economy has secured implicit $300 cardinal successful concern commitments arsenic portion of a sweeping program to alteration the state into a planetary originative powerhouse.

Hannatu Musawa, Minister of Art, Culture and the Creative Economy of Nigeria, announced connected Friday, May 16, astatine a ministerial property briefing successful Abuja.

Minister Hannatu Musawa believes Nigeria tin go a originative powerhouse Photo credit: Presidency
Source: Facebook

Musawa unveiled the Creative Economy Development Fund (CEDF), a flagship inaugural designed to supply affordable financing to originative businesses, enactment innovation, and make 2 cardinal jobs by 2027.

She said:

“In conscionable 18 months, we person secured implicit $300 cardinal successful concern commitments and established innovative backing mechanisms.“We’ve besides launched infrastructure projects that volition substance occupation instauration and inclusive growth.”

The $200 cardinal CEDF, managed by the African Export-Import Bank (AfreximBank), volition supply loans and grants to enactment entrepreneurs crossed sectors including film, fashion, music, integer platforms, tourism, and arts, BusinessDay reports.

FG offers $100,000 grants, opens Applications

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

The exertion model for this signifier closes May 30, 2025, with a 2nd signifier targeting SMEs and startups acceptable to statesman August 4, 2025.

The money targets a wide scope of creatives: writers and publishers, filmmakers, artists, manner designers, crippled developers, taste tourism providers, logistics companies, and grooming institutes.

Applicants indispensable submit a five-year concern plan, supply impervious of concern registration, and proviso elaborate interaction and operational information.

According to the ministry, lone applications for $100,000 and supra volition beryllium considered successful this phase.

Eligible and funny applicants should sojourn the fund’s platform, click connected apply, capable retired the form and supply their details.

Intellectual property-backed financing

A cardinal item of the inaugural is the instauration of IP-backed financing, allowing creatives to usage assets specified arsenic movie rights and music catalogues arsenic indebtedness collateral. This exemplary is seen arsenic a landmark innovation successful unlocking the worth of Nigeria’s taste content.

The curate explained

“This inaugural expands financing for creatives traditionally excluded from slope loans and capitalist networks."

Musawa noted that it volition enactment the national government’s strategy to diversify the system beyond lipid and boost the country’s planetary taste influence.

Creative hubs planned

President Bola Tinubu is expected to unveil originative hubs crossed Nigeria’s six geopolitical zones, portion of a broader program to amended agrarian inclusion and younker engagement successful the sector.

FG moves to adjacent tech gaps successful Nigeria

Earlier, Legit.ng reported that the national authorities received a N1 cardinal assistance from Airtel Africa Foundation.

The assistance is meant to boost the 3 Million Technical Talent inaugural (3MTT), an inaugural of the authorities to physique strategical endowment for the tech sector.

Tijani noted that the task is being championed by the ministry to span the integer disagreement by creating a excavation of strategical tech talents to catapult Nigeria into a cardinal presumption successful the world's exertion landscape.

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Source: Legit.ng