In 30 days since the application was open to the public, the Creative Economy Development Fund (CEDF) has received 1,230 applications requesting a total of $326 million. This amount reflects funding demands from both creative and non-creative businesses across Nigeria.
The Federal Government recently launched the first phase of its Creative Economy Development Fund (CEDF) to provide financing for Nigeria’s creative and cultural industries.
The fund, approved by the Federal Executive Council (FEC), was announced by the Federal Ministry of Arts, Culture, Tourism, and Creative Economy (FMACTCE). The CEDF targets innovation, job creation, and economic diversification. Of the applicants, 71 percent chose grants as their funding option, while 11 percent selected debt and 7 percent picked equity.
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Business Development Stages
The applicants span various stages of business development. 275 of the applicants are operational and generating revenue, 268 are in the business planning stage, 220 are scaling their operations, 137 are piloting or in soft launch, 99 are under construction, 64 are in pre-development, and 49 are at the conceptual stage.
This range shows the variety of businesses seeking support, from startups to established firms. Film and video production leads funding requests with $54.4 million. Events follow with $27.5 million, and fashion and textiles request $26.3 million. These figures highlight the scale of investment needed in these areas.
The applications cover multiple creative sectors: 22 percent come from design and gaming; 14 percent are from creative education, and 13 percent each from art and culture and fashion and textiles.
High funding requests
Among applicants seeking over $100,000, events and festivals, and creative cities stand out. Events and festivals have an average request of $1.52 million, while creative cities average $1.46 million. These numbers point to the capital-intensive nature of these sub-sectors.
Non-Creative applications
Some applications fall outside the creative economy. These include digital infrastructure and ICT, agro-value chains, renewable energy, light manufacturing, capacity building and training, business support, among others.
The FMACTCE will not fund these under the CEDF. Instead, it will forward them to relevant agencies, such as the Nigeria Agricultural Development Fund, Youth Fund, the Solid Minerals Development Fund, and the NSIA. This step ensures all applicants get consideration where appropriate.
A second phase of the CEDF is set for August 4, 2025. It will focus on small and medium enterprises (SMEs) and micro, small, and medium enterprises (MSMEs) seeking smaller funding. This phase will widen access to support for businesses with modest needs.
The CEDF aims to strengthen Nigeria’s creative sector. By offering financial backing, it seeks to help businesses grow, create jobs, and contribute to the economy. The high number of applications in the first phase shows the demand for such support.
