Nigeria’s creative economy is gaining serious traction, and the numbers prove it. In just one month, the Creative Economy Development Fund (CEDF) received more than 1,230 applications, with creators requesting a total of $326.2 million (₦515 billion) in funding.
According to the Fund, applicants came from key sub-sectors such as film, fashion, music, animation, advertising, art, and design, among others. The dollar funding requirement reached $281.9 million, while local naira-based projects sought ₦69.6 billion.
“This shows the growing belief in Nigeria’s creative economy as a serious driver of economic growth,” said a CEDF spokesperson. “From fashion to film, hubs to hackathons, data to digital labs, we’re building the systems to support creators, protect intellectual property, and grow GDP to $100 billion by 2030.”
The data highlights the high demand for financial support among creatives. 71% of applicants preferred grants, while only 11% chose debt and 7% opted for equity. Film & Video Production emerged as the top funding request category, pulling in $54.4 million, which was nearly double the amount requested for Events ($27.5 million) and Fashion & Textiles ($26.3 million).
Notably, some of the largest funding demands came from Events & Festivals and Creative Cities, where applicants sought an average of $1.52 million and $1.46 million, respectively. This reflects the high capital needs of these creative sub-sectors and the strong potential for returns on investment.
Another major insight: 83% of applicants needed project-preparation support, and 44% couldn’t submit financial models. “This highlights a clear need for tailored initiatives to build a strong, fundable pipeline,” the Fund noted.
Applications outside the creative economy, including those from agro-value chains, ICT, renewable energy, and manufacturing, were excluded. However, the Fund assured that these would be shared with relevant agencies like the Youth Fund, NSIA, and Nigeria Agricultural Development Fund.
Read Also: Nigerian Air Force Shortlisted Candidates for BMTC 45/2024
“We advise future applicants to make sure their projects align with the defined creative economy sectors,” the CEDF stated. “This is a Creative Economy Fund, and our goal is to grow the sector into Nigeria’s next big thing.”