Creative Industry

NICO Solicits More Funding For Nation’s Creative Sector

Published

5 years ago

May 20, 2020

The National Institute for Cultural Orientation, NICO, has called for more funding of the nation’s cultural industry to fast track the diversification of the economy.

The Director Overseeing Office of the Executive Secretary of NICO, Mrs Brigitte Yerima made the call in Abuja while speaking with Radio Nigeria on this year’s World Day for Cultural Diversity for Dialogue and Development.

Mrs Brigitte Yerima who described culture as a veritable means for national economic development identified inadequate funding as one of the factors hindering the growth of the sector over the years.

According to her, this year’s edition of the event is coming at a time when necessary attention should be paid to other sector that could contribute to the development of the nation’s economy.

Mrs Brigitte Yerima said NICO would continue to embark on programmes that would harness the country cultural heritage for national peace and economic development.

She therefore called for more public private sector collaboration towards repositioning the sector.

“World Day for Cultural Diversity for Dialogue and Development is a day set aside by UNESCO to appreciate cultural diversity of various ethic groups to foster peaceful coexistence in the society” she stated.

The Director therefore stressed the need for Nigerians to always appreciate one another in the area of values and culture to further enhance corporate existence of the country.

FRCN

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Creative Industry

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

Published

6 hours ago

May 4, 2025

The Gleamer

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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