Federal Executive Council Approves Creative Economy Development Fund to Boost Nigeria's Creative Sector

Written on 25/10/2024
The Cable NG

The Federal Executive Council (FEC) has approved the establishment of the Creative Economy Development Fund (CEDF), aimed at supporting creative activities in Nigeria through various financial instruments.

The approval was granted during the FEC's weekly meeting on Wednesday, presided over by President Bola Tinubu.

According to the Minister of Art, Culture, and the Creative Economy, Hannatu Musawa, the initiative was developed in collaboration with the ministries of justice, finance, industry, trade, and investment, as well as the Federal Inland Revenue Service (FIRS) and the Nigerian Copyright Commission (NCC).

The CEDF will also include a pilot program for intellectual property monetization to further enhance the creative sector's growth.

 


“The CEDF marks a significant milestone in Nigeria’s creative industry,” the minister said.

“The ministry aims to empower young people by creating opportunities that leverage their innate creative talents and equip them with the tools to earn a quality living.

“The CEDF, as a special purpose vehicle (SPV), will provide funding to creatives through various financial instruments, including debt, quasi-equity, and equity.

Source