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The Federal Executive Council, led by President Bola Ahmed Tinubu, approved the establishment of the Creative Economy Development Fund (CEDF) and the Intellectual Property (IP) Monetisation Pilot.
In a memo to the Council, the Minister of Art, Culture, and the Creative Economy, Barrister Hannatu Musa Musawa, highlighted the ministry’s collaboration with the Ministries of Justice, Finance, Industry, Trade, and Investment, alongside the Federal Inland Revenue Service and the Nigerian Copyright Commission, to facilitate the successful launch of the Creative Economy Development Fund (CEDF) and the rollout of the Intellectual Property (IP) Monetisation Pilot.
“The CEDF marks a significant milestone in Nigeria’s creative industry. The ministry aims to empower young people by creating opportunities that leverage their innate creative talents and equip them with the tools to earn a quality living,” Barrister Musawa stated.
Speaking about its objective and goals, Barrister Musawa stated that the objective of CEDF is to provide funding to creatives through various financial avenues.
“The CEDF, as a Special Purpose Vehicle (SPV), will provide funding to creatives through various financial instruments, including debt, quasi-equity, and equity. The fund will also develop a transformative model for the securitization and collateralization of IP assets, enabling Nigerian creatives to leverage their IP as viable assets for securing financing. The CEDF aims to democratize access to finance by lowering access barriers and offering innovative solutions not reliant on traditional collateral,” he continued.
“The IP Monetisation Pilot, developed in collaboration with the African Development Bank (AfDB) through its Investment in Digital and Creative Enterprise (iDICE) programme, will provide valuable insights and practical experience to inform the development of a comprehensive National IP Monetisation Framework. This framework will be integrated into the National IP Policy. We are committed to empowering young creatives, promoting national identity and driving economic growth,” Minister Musawa concluded.
With the Council’s approval, the ministry has proposed the Creative Economy Development Fund (CEDF) Act to establish sustainable funding, robust administrative and governance structures, and attract multilateral donations.
The success of the CEDF will be gauged by its ability to:
Furthermore, the initiative aims to create a thriving creative business ecosystem, unlock new revenue streams through IP, encourage industry best practices, and bolster investor confidence and trust.
