Creative Industry

Loan Opportunity for Creatives: Federal Govt Rolls Out Creative Economy Development Fund CEDF To Boost Industry

Published

1 year ago

May 4, 2025

The Federal Ministry of Art, Culture, Tourism, and Creative Economy invites eligible creatives, entrepreneurs, and organisations to apply for funding through the Creative Economy Development Fund.

The CEDF is a bold step towards realizing President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at fostering job creation, economic diversification, and enhancing Nigeria’s global cultural influence.

Flagging off the CEDF, the Honorable Minister of Arts, Culture, Tourism, and Creative Economy, Barrister Hannatu Musa Musawa said that the Fund is a strategic national investment designed to unlock the vast potential of Nigeria’s creative sector, positioning it as a driver of economic growth and cultural diplomacy.

“This is not just a financial intervention. It is a call to action for creatives, entrepreneurs, and industry enablers to scale their dreams and contribute to a thriving, inclusive creative economy,” the Minister said.

The fund provides tailored financial support through debt, equity, and grant funding to boost promote innovation, and increase global visibility for Nigeria’s creative assets, cultural projects, and tourism-linked enterprises.

CEDF supports creative businesses by providing capital to scale production, expand market access, and build resilience. It also allows creators to leverage intellectual property as a financial asset, unlocking the value of film rights, music catalogues, digital content, and other creative works.

The initiative offers various funding options for creative businesses, including; Affordable loans and credit facilities for businesses across sectors such as film, music, fashion, art, publishing, gaming, and cultural tourism. Equity and quasi-equity investments in high-growth creative enterprises, Grant funding for socially impactful and innovative cultural projects and focus on leveraging intellectual property (IP) as a bankable asset class for securing financing.

The application process will be rolled out in phases, with the first call for proposals open till May 30, 2025, prioritizing mature projects seeking over $100,000.
The second phase will open on August 4, 2025, focusing on Micro Small and Medium Enterprises MSMEs and Small and Medium Enterprises SMEs requesting under $100,000.

Application review, project onboarding, incubation, and acceleration for Phase One will take place from June to December 2025, with the disbursement of funds starting on January 1, 2026. For Phase Two, disbursements will start on April 1, 2026.

The fund is open to individuals, businesses, and institutions operating across the creative and cultural economy, including writers, directors, artists, fashion designers, gaming studios, cultural tourism providers, training institutions, promoters, legal consultants, media agencies, digital platforms, and logistics companies.

Applications will be assessed by independent professionals with oversight from a private sector investment committee. The Creative Economy Development Fund is structured as an independent, professionally managed investment fund, with the Ministry of Finance Incorporated serving as the anchor shareholder. Interested investors and development partners are encouraged to reach out regarding co-investment opportunities or participation in specific sub-funds.

For updates and additional information contact CEDFnigeria.com

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Creative Industry

NTDA, LEXLUC Sign MoU to Unlock Nigeria’s Domestic Tourism Potential

Published

21 hours ago

October 23, 2026

The Gleamer

Cyril Ogar

The Nigerian Tourism Development Authority (NTDA) has signed a Memorandum of Understanding (MoU) with LEXLUC Global Services and Tours Ltd. to promote domestic tourism, cultural heritage and destination awareness across Nigeria.

The agreement establishes a framework for implementing and expanding the Meet My Town, Know My State tourism initiative, which aims to encourage Nigerians to explore destinations within the country, learn about their cultural heritage and support greater community participation in tourism.

Speaking at the signing, Chief Executive Officer of LEXLUC Global Services and Tours Ltd., Mr Oluwole Ajayi, said the initiative was developed to help Nigeria harness its tourism potential, attract investment and create more opportunities within the sector.

“Tourism is number one employer worldwide. Whether we like it or not, we have to key into it and make sure it becomes the number one employer in Nigeria, too,” Ajayi said.

He also referenced plans for a proposed West African Jollof Rice Championship and Tourism Festival, which he said could complement the initiative’s broader objectives. The proposed event is expected to form part of future tourism activities, subject to the necessary planning and approvals.

Ajayi expressed confidence that the collaboration with NTDA would help advance the initiative and attract investors to Nigeria’s tourism industry.

Director-General of NTDA, Mr Ola Awakan, said the partnership alignes with the authority’s mandate to promote and develop tourism, noting that collaboration with the private sector was important to the sector’s growth.

“It’s a laudable project. We are going to give you national and institutional backing. You are also helping us achieve our mandate, and we are helping you to bring your idea to fruition. So, it is a win-win situation. All of this is in the interest of Nigeria,” Awakan said.

He commended Ajayi for sustaining the initiative and reaffirmed NTDA’s commitment to supporting its objectives within the authority’s mandate.

The Meet My Town, Know My State initiative is designed to raise awareness of Nigeria’s destinations, promote cultural heritage and encourage domestic travel. Its activities may include organised tours, tourism education, awareness campaigns, events and stakeholder engagements across the country.

Under the MoU, LEXLUC will coordinate and implement approved activities, develop tourism packages, mobilise sponsorship and partnerships, and report on progress. NTDA will provide relevant tourism information, institutional coordination, policy guidance and support for stakeholder engagement, subject to its mandate and applicable approval processes.

The signing was coordinated by Head of Legal Services at NTDA, Olufunke Soleye, and Head of Legal at LEXLUC, Mary Oluwatoyin Noibi-Edoze. Director of the Marketing and Promotions Department at NTDA, Mr Olufemi Akinyele, was also present alongside staff members of the department.

The agreement establishes a framework for cooperation between the two organisations to expand awareness of Nigeria’s tourism offerings and encourage greater participation in domestic tourism.

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