The Federal Government has approved the establishment of the Creative Economy Development Fund, CEDF, and the implementation of the Intellectual Property, IP, Monetisation Pilot.
The approval was granted during the Federal Executive Council meeting on Wednesday, chaired by President Bola Ahmed Tinubu.
Speaking at the meeting, the Minister of Art, Culture, and the Creative Economy, Barrister Hannatu Musa Musawa, explained that the CEDF is designed to provide much-needed financial support to Nigerian creatives.
According to her, “The CEDF, as a Special Purpose Vehicle, SPV, will provide funding to creatives through various financial instruments, including debt, quasi-equity, and equity.”
She emphasized that the initiative aims to empower Nigerian youth by giving them access to finance through their intellectual property. “The fund will 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,” Musawa added.
Highlighting the significance of the fund, Musawa noted, “We are committed to empowering young creatives, promoting national identity, and driving economic growth.”
The Council also approved the IP Monetisation Pilot, which will be implemented in collaboration with the African Development Bank (AfDB) through its iDICE programme.
This initiative is expected to shape the future of IP monetization in Nigeria. “The IP Monetisation Pilot will provide valuable insights and practical experience to inform the development of a comprehensive National IP Monetisation Framework,” Musawa stated.
The Minister concluded by outlining the broader impact of the CEDF, saying, “The CEDF aims to democratize access to finance by lowering access barriers and offering innovative solutions not reliant on traditional collateral.”
