The Federal Executive Council has approved the establishment of the Creative Economy Development Fund (CEDF) and 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. The CEDF objective is to provide funding to creatives through various financial instruments.
Following approval by the Council, the ministry proposes the Creative Economy Development Fund (CEDF) Act to secure long-term funding, administration and governance structures and multilateral donations.
The CEDF’s success will be measured by its ability to create a robust Intellectual Property asset base, enable IP collateralization for financing, enhance access to finance through IP securitization, and develop IP valuation standards. Additionally, it will foster a vibrant creative business environment, generate new revenue streams through IP, promote industry best practices and build investor confidence and trust.
