The Federal Ministry of Art, Culture, Tourism and the Creative Economy has launched Phase 2 of the Creative Economy Development Fund (CEDF), opening fresh opportunities for Nigerian creatives and entrepreneurs to access finance, scale their businesses, and contribute to national growth.
Unveiled in Abuja at the weekend, the scheme builds on the achievements of Phase 1, which recorded thousands of applications across the country. Phase 2 expands both the scope and scale of the intervention, with a special focus on businesses seeking up to $100,000 in funding.
“The CEDF sits at the very heart of the Renewed Hope Agenda,” said Dr. Nneka Ikem Anibeze, Senior Adviser, Media & Publicity to the Minister. “It provides the financial backbone to transform our creative assets into engines of inclusive economic growth. This second phase will not just fund businesses but help institutionalize innovation, create jobs, and strengthen the value chain across all sub-sectors.”
The new phase also introduces a simplified online application portal — www.cedf.gov.ng — designed to improve transparency and accessibility. According to the Ministry, the revamped interface allows applicants to submit proposals, track their status in real-time, and access key resource materials without “unnecessary hurdles.”
Officials explained that Phase 2 would prioritize proposals from diverse sectors, including film, television, animation, gaming, music, publishing, fashion, culinary arts, tourism, heritage and crafts.
“This is about ensuring no sub-sector is left behind in Nigeria’s creative renaissance,” Anibeze emphasized. “Our creatives are innovators and job creators. What we are doing with the Fund is giving them the support they need to compete globally, while creating opportunities here at home.”
The CEDF, she added, is expected to fuel innovation, expand exports, provide financial lifelines for SMEs and MSMEs, and embed mechanisms for monitoring and accountability.
Industry stakeholders have welcomed the move, describing it as timely. A fashion entrepreneur in Lagos told Daily Tides News that the scheme “could be the game-changer for small businesses that struggle to access traditional financing.”
Applications for the Fund are now open, and eligible Nigerian businesses are urged to apply through the official portal.
