The Federal Executive Council (FEC) has approved Nigeria’s Creative Economy Development Fund (CEDF) and an Intellectual Property (IP) monetisation pilot, aimed at financing and expanding opportunities in the creative sector. The decision, made in a council meeting chaired by President Bola Tinubu, represents a strategic shift towards supporting IP assets as a foundation for economic growth.
Hannatu Musawa, Minister of Art, Culture, and the Creative Economy, emphasized the CEDF’s potential to empower Nigeria’s youth by creating avenues for sustainable income through their creative talents. “The CEDF marks a significant milestone for Nigeria’s creative industry,” Musawa stated, underlining the fund’s role in providing accessible financing and reducing barriers for creatives.
The CEDF will offer multiple financial instruments, including debt, quasi-equity, and equity options, serving as a Special Purpose Vehicle (SPV) to support creatives financially. This fund aims to establish a securitization model, enabling IP assets to be used as collateral for loans, a move that could transform the financing landscape for the sector.
Musawa noted that the IP monetisation pilot, developed with the African Development Bank (AfDB) through its iDICE programme, will provide critical insights for a comprehensive national IP framework. This framework will be embedded in Nigeria’s broader IP policy, allowing creatives to secure financing using IP assets.
The CEDF Act, proposed by the ministry, seeks to establish a sustainable funding structure with governance and administrative oversight. In collaboration with the Ministries of Justice, Finance, Trade, and Industry, along with the Federal Inland Revenue Service (FIRS) and Nigerian Copyright Commission (NCC), the fund is set to generate new revenue streams, enhance investor confidence, and support best practices in IP financing.
Success metrics for the fund will include expanding Nigeria’s IP asset base, establishing IP collateralization standards, and fostering a thriving creative economy. “We are committed to empowering young creatives, promoting national identity, and driving economic growth,” Musawa affirmed.
