Tag: #developmentfund

Nigeria’s Federal Government has officially launched Phase 1 of the Creative Economy Development Fund (CEDF)—a landmark initiative aimed at fueling innovation, generating jobs, and accelerating growth across the country’s creative and cultural industries.

Unveiled by the Federal Ministry of Arts, Culture, Tourism, and Creative Economy (FMACTCE), the fund recently received approval from the Federal Executive Council (FEC) and offers eligible businesses access to over $100,000 in financing.

Key Highlights:

• Application Deadline (Phase 1): May 30, 2025

• Next Round (Phase 2): Opens August 4, 2025 (for SMEs and MSMEs seeking smaller funding)

Who Can Apply?

The fund is open to a wide range of players in Nigeria’s creative space, including:

• Writers and publishers

• Fashion designers and visual artists

• Filmmakers and directors

• Gaming studios and tech creatives

• Cultural tourism businesses

• Digital media platforms

• Legal, logistics, and creative training providers

Step-by-Step Guide to Apply:

1. Visit the official CEDF website

2. Click on “Apply for CEDF Now!”

3. Fill out the application form with key information:

   • Business name and address

   • CAC registration and contact details

   • Sector and business stage

   • Funding amount (minimum $100,000 for Phase 1)

4. Upload Required Documents:

   • 5-year business case and financial projections

   • IRR and financial model (if available)

   • Business presentation (PDF)

5. Indicate if you need project preparation support and its intended use

6. Register on the Creative Leap Accelerator Program (CLAP)

   • Enter your CLAP registration number, TIN, or registered mobile number

7. Submit your application

For full eligibility criteria and application portal, visit the CEDF official website.

Why It Matters:

The CEDF is designed to:

• Inject much-needed capital into Nigeria’s creative sector

• Enable creative entrepreneurs to scale and access new markets

• Create sustainable job opportunities—especially for young people

• Promote the use of intellectual property as viable collateral for financing

With the launch of this fund, Nigeria is taking a bold step toward becoming a global leader in creative innovation and cultural enterprise.