The Federal Executive Council, has approved the establishment of the Creative Economy Development Fund (CEDF) and the rollout of the Intellectual Property (IP) Monetisation Pilot.
The initiatives are designed to provide financial support and leverage intellectual property as a key asset for Nigeria’s growing creative industry.
The CEDF, which will offer a range of financial instruments such as debt, quasi-equity, and equity, aims to boost access to finance for creatives.
It also introduces a groundbreaking model for using intellectual property as collateral to secure financing. According to the Minister of Art, Culture, and the Creative Economy, Barrister Hannatu Musa Musawa, the fund will empower young Nigerian creatives by enabling them to monetize their talents and IP assets.
Special Adviser on Media and Publicity to the Minister, Nneka Ikem Anibeze in a statement quoted her to have explained saying,
“This is a significant milestone for Nigeria’s creative industry. The Creative Economy Development Fund will equip young people with the tools to turn their creative talents into sustainable livelihoods,” Musawa said, during the Council meeting.
“The IP Monetisation Pilot, developed in collaboration with the African Development Bank (AfDB) under the iDICE programme, will serve as a precursor to the creation of a National IP Monetisation Framework, which will be integrated into Nigeria’s broader IP policy.”
The Minister highlighted the government’s collaboration with several key ministries, including Justice, Finance, and Industry, to ensure the smooth implementation of both initiatives.
She added that the ministry is also proposing the Creative Economy Development Fund Act to ensure long-term funding and governance of the CEDF.
The initiatives the statement explained further are expected to revolutionize Nigeria’s creative sector by establishing a robust intellectual property asset base, enhancing access to finance through IP securitization, and boosting investor confidence in the sector.