ABUJA, Nigeria— In a bid to strengthen its burgeoning creative sector, Nigeria has announced the establishment of the Creative Economy Development Fund (CEDF) and the introduction of an Intellectual Property (IP) Monetisation Pilot programme.
Approved by the Federal Executive Council on Friday, October 26, 2024, and backed by the African Development Bank (AfDB), the initiatives aim to provide essential financial support to Nigeria’s creative industry by enabling artists to leverage intellectual property as a financial asset.
The CEDF will offer multiple funding options, including debt, quasi-equity, and equity financing, aimed at increasing financial accessibility for creators across Nigeria.
In a statement, Nigeria’s Minister of Art, Culture, and the Creative Economy, Hannatu Musawa, emphasised the significance of the new fund, describing it as a vehicle to “empower young Nigerian creatives by enabling them to monetise their talents and IP assets.”
According to Musawa, this initiative will allow young creators to transform their creative abilities into “sustainable livelihoods.”
The newly introduced IP Monetisation Pilot, developed in partnership with AfDB as part of the iDICE program, marks Nigeria’s first venture into utilizing intellectual property as collateral.
Expected to pave the way for a broader National IP Monetisation Framework, this pilot program is designed to build investor confidence and create a solid base for IP asset securitization in Nigeria.
The government is working closely with several ministries, including those of Justice, Finance, and Industry, to ensure the smooth implementation of the initiatives.
Minister Musawa also noted that a proposal for the Creative Economy Development Fund Act is underway, intended to ensure the long-term sustainability and governance of the CEDF.
Through these initiatives, Nigeria aims to bolster its creative economy by establishing a structured IP asset base, increasing access to finance for creatives, and enhancing investor trust.
The initiatives are expected to transform the creative sector, setting a new benchmark for financial support and IP protection in Africa.
