On 23 October 2024, the Federal Executive Council of Nigeria approved the Creative Economy Development Fund (CEDF) and the implementation of the Intellectual Property Monetisation Pilot (IPM Pilot). The establishment of the CEDF highlights Nigeria's commitment to supporting creatives in the sector by providing much needed funding with a view to encouraging growth in the market.
"We have worked closely with the Ministries of Justice, Finance, Industry, Trade and Investment, as well as the Federal Inland Revenue Service and the Nigerian Copyright Commission," in creating the initiative, said the Minister of Art, Culture and the Creative Economy, Hannatu Musawa. The Minister stated that the goal of the initiative is for creatives "to create opportunities that leverage their innate creative talents and equip them with the tools to earn a quality living."
Implementation of the CEDF will hopefully be supported by the enactment of the Creative Economy Development Fund Act which the Minister will propose. This will aim to secure long-term funding, create necessary governance structures and support multilateral donations so that the fund is maintained moving forward. The CEDF will provide funding through a number of financial instruments, such as debt, quasi-equity and equity, allowing creatives to leverage their intellectual property for securing finance.
The IPM Pilot has been created with support from the African Development Bank and will seek to provide practical experience and insights with an ultimate view of establishing a National IP Monetisation Framework to be integrated in the National IP policy.
This highlights Nigeria's commitment to supporting growth of young creatives and the establishment of a larger intellectual property asset base in the country.
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