FEDERAL GOVERNMENT LAUNCHES DEVELOPMENT FUND FOR THE CREATIVE INDUSTRY.

The Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, in a statement issued on Sunday by her Special Assistant on Media and Publicity, Nneka Anibeze, said the fund aims to foster job creation, economic diversification, and enhance Nigeria's global cultural influence.

She explained that the fund provides tailored financial support through debt, equity, and grant funding to promote innovation and increase global visibility for creative assets.

Musawa further said that the fund is open to individuals, businesses, and institutions operating in the creative and cultural economy, including writers, directors, artists, and fashion designers. 

According to her, the application process will be rolled out in phases, with the first call for proposals open till May 30, prioritizing mature projects seeking over $100,000.

She emphasized that the Fund, which is structured as an independent, professionally managed investment fund, with the Ministry of Finance serving as the anchor shareholder, is expected to boost the creative industry and contribute to Nigeria's economic growth and cultural diplomacy.

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