Creative Economy Development Fund Approved – FG
Nigeria’s creative economy received a significant boost on Wednesday as the Federal Executive Council, led by President Bola Tinubu, approved the establishment of the Creative Economy Development Fund (CEDF) and the Intellectual Property Monetisation Pilot.
Minister of Art, Culture and the Creative Economy, Hannatu Musawa, stated that these initiatives would empower young creatives by providing funding and resources, and enabling them to leverage their intellectual property as assets for securing financing.
The establishment of the CEDF represents a significant step towards democratising access to finance in Nigeria’s creative industry, as it seeks to lower the barriers to entry for young creatives who traditionally struggle to secure funding due to a lack of traditional collateral.
Minister Musawa emphasized the importance of the IP Monetisation Pilot, which was developed in collaboration with the African Development Bank, as a valuable tool to inform the creation of a National IP Monetisation Framework.
This framework will integrate into the National IP Policy, further enhancing the protection and monetisation of intellectual property in Nigeria’s creative economy.
The approval of the CEDF and IP Monetisation Pilot comes at a crucial time for Nigeria’s creative economy, which has been identified as a key driver of growth and innovation.
According to the World Intellectual Property Organisation, creative industries contribute over $1.3 trillion to the global economy each year, with Nigeria having the potential to become a major player in this space.
With the right support and resources, Nigeria’s creative economy has the potential to become a leading source of economic growth and job creation, while also promoting national identity and cultural expression.
