The federal government has introduced a new Creative Economy Loan Scheme to help boost the country’s creative and cultural sectors. The initiative, called the Creative Economy Development Fund (CEDF), is designed to support businesses and professionals such as filmmakers, musicians, fashion designers, artists, and game developers.
The loan scheme was officially announced by the Ministry of Arts, Culture, Tourism, and Creative Economy in a statement on Sunday. According to the ministry, the first phase of applications began on April 28 and will close on May 30. It is open to well-established businesses looking for loans above $100,000.
Officials say the fund is part of President Bola Tinubu’s Renewed Hope Agenda, aimed at creating jobs, promoting culture, and growing Nigeria’s economy beyond oil. Minister Hannatu Musa Musawa called the move a “strategic national investment” and urged creatives and entrepreneurs to take full advantage.
“This is not just about money. It’s about giving people in the creative space a real chance to grow their businesses and build something lasting,” Musawa said.
How the Creative Economy Loan Scheme in Nigeria Works
The CEDF offers different types of funding, including low-interest loans, grants, and equity investments for creative businesses. The idea is to help companies increase production, access new markets, and build stronger business models.
A key part of the scheme is helping creatives turn their intellectual property — like film rights, music, or digital content — into valuable financial assets. This means a music catalogue or movie script could help secure funding.
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According to the ministry, funding options are available for sectors like film, music, publishing, cultural tourism, art, fashion, and gaming. The process includes project evaluation, onboarding, and business support before the funds are released.
How to Apply for the Loan
To apply, interested creatives and entrepreneurs must visit CEDFnigeria.com, fill out the application form, upload a business proposal, and submit necessary financial documents. For those selected, phase one disbursements will begin in January 2026, while phase two — for smaller businesses requesting under $100,000 — will open in August, with disbursements starting April 2026.
The evaluation process will be handled by independent professionals, overseen by a private-sector-led investment committee.
This Creative Economy Loan Scheme is seen as a game-changer for thousands of young entrepreneurs hoping to turn their creativity into profitable businesses.
