The Federal Executive Council has approved the Creative Economy Development Fund (CEDF) to empower Nigeria’s creative talents and boost the cultural economy.
The Creative Economy Development Fund is an initiative to boost Nigeria’s creative sector by providing tailored financial support to artists, innovators, and content creators. According to the Federal Ministry of Art, Culture and Creative Economy (FMACCE), the fund will open doors to new opportunities, allowing the sector to thrive.
FMACCE said it has made access to this funding easier through various means such as debt, equity, and quasi-equity options to allow for flexible funding to kickstart or expand projects across the creative industry, whether in film, music, fashion, or other art forms.
FMACCE stated that the CEDF allows creatives to use their Intellectual Property (IP) as collateral to secure financing. This allows creatives to unlock untapped value for their creative work and secure funding without needing traditional assets as collateral, opening more funding to more creatives regardless of their backgrounds.
The ministry stated, “The IP Monetisation pilot will introduce new avenues for creatives to earn from their works, from music royalties, licensing films, or fashion designs. This will help build a more sustainable creative economy and encourage innovation. By facilitating IP collateralization and offering innovative financing models, the CEDF aims to formalize the sector making it attractive to investors.”
According to the FMACCE, the implementation of the CEDF aligns with five out of the Ministerial 8-Point Plan.
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