FG approves creative economy fund, IP monetisation pilot

The Federal Executive Council has approved the establishment of the Creative Economy Development Fund (CEDF) alongside the implementation of the Intellectual Property (IP) Monetisation Pilot.

The approval was made on Wednesday at the Federal Executive Council meeting chaired by President Bola Ahmed Tinubu.

In a memo presented to the Council, the Minister of Art, Culture and the Creative Economy, Barrister Hannatu Musa Musawa stated that the ministry has collaborated with the Ministries of Justice, Finance, Industry, Trade and Investment, as well as the Federal Inland Revenue Service and the Nigerian Copyright Commission to ensure the success of the establishment of the Creative Economy Development Fund (CEDF) and the implementation of the Intellectual Property (IP) Monetisation Pilot.

She further noted that the president’s approval is crucial in setting a fluid and productive trajectory for the creative industry in Nigeria.

“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 democratise access to finance by lowering access barriers and offering innovative solutions not reliant on traditional collateral.

“The CEDF marks a notable achievement 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.

“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.”