The Nigerian government has launched phase one of the Creative Economy Development Fund (CEDF) to provide sustainable financing for the country’s growing creative and cultural sectors.

The fund, which was recently approved by the Federal Executive Council (FEC), was officially announced by the Ministry of Arts, Culture, Tourism, and Creative Economy.

FG explains the fund’s target audience

The fund aims to empower several sectors, positioning Nigeria as a global player and leader in creative industries.

Application for phase one of the fund will close on May 30, 2025, while the second phase, targeting SMEs and startups, will launch on August 4, 2025.

The fund targets writers and publishers, artists, fashion designers, filmmakers and directors, gaming studios, cultural tourism providers, media and digital platforms, local logistics, and training providers.

How to apply for the fund

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

Applicants must provide their company’s name, address and proof of business registration.

They are also asked to provide the main and supplementary contact details, area of operation, current stage of business, and the type of funding.

According to reports, only applications from $100,000 and above will be accepted in the first phase.

Other documents required are the presentation of a five-year business plan.

Objectives of the fund

On the fund’s objectives, the Ministry highlighted that the CEDF will:

1. Provide capital injections to creative businesses to scale production and access new markets.
2. Expand financing options for creatives traditionally excluded from bank loans and investor networks.
3. Generate employment opportunities, especially for youth, by supporting enterprise expansion in the sector.
4. Introduce an innovative model that allows intellectual property (IP)—such as film rights, music, and digital content, to be used as collateral for loans.

This move toward IP-backed financing is being hailed as a pioneering strategy to unlock the untapped value of Nigeria’s rich creative assets.

The Ministry noted that this initiative aligns with the federal government’s broader economic agenda to diversify away from oil and enhance Nigeria’s global cultural influence.

3MTT gets Airtel’s funding

The development came after 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.

Nigeria's Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, received the cheque from the chairman of Airtel Africa Foundation, Dr. Segun Ogunsanya, in Abuja.

FG moves to close tech gaps in Nigeria

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.

Minister Bosun Tijani explained in detail how the funds will be disbursed to train and empower tech talents in the 3MTT programme.

He noted that 25,000 Nigerian youths will be direct beneficiaries as they will be trained and empowered with in-demand tech skills, the Guardian reports.

FG announces 7th edition of MSME award

Legit.ng earlier reported that on Monday, March 3, the Federal Government of Nigeria announced the launch of the seventh edition of the Micro, Small and Medium Enterprises (MSMEs) Award, slated to hold this year.

Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs said the application portal for this year would be opened on March 7 and will run through April 7, 2025.

Speaking at a press briefing, Adekunle-Johnson said out of N700 million worth of prizes to be won, the overall winner of the 2025 MSMEs Award will receive a car, a house, a shop, and a cash prize – all worth N220 million.