The Federal Government has unveiled fresh plans to enable Nigerian creatives access funding by leveraging their intellectual property (IP) as collateral — a move designed to strengthen the creative sector’s contribution to national development.
The Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, speaking at the ongoing Afreximbank Annual General Meeting today in Abuja, disclosed that her Ministry is collaborating with financial institutions through the Creative Economy Development Fund (CEDF) to formally recognise intellectual property as a bankable asset.
She explained that the initiative would allow creators to secure funds using their registered works — such as music, films, and fashion designs — as collateral, rather than traditional assets like land or vehicles.
In a panel session, key industry stakeholders including Uche Nwuka, General Manager, Large Enterprises at the Bank of Industry (BOI), popular actress Funke Akindele, music icon D’banj, and other Entertainment and Technology experts shared their perspectives, calling for strategic, structured partnerships to unlock the commercial value of intellectual property in Nigeria.
Uche Nwuka explained that the BOI has been intentional in supporting the creative sector, noting that structured financing tailored to the industry has already recorded successes with less than 2percent non-performing loans.
Other speakers, including Funke Akindele, D’banj, and several actors and musicians, noted that technology is increasingly addressing exploitation in the industry. They stressed the need for creatives to be adequately prepared, transparent, and to present viable business cases in order to attract investors.
They expressed optimism that with the right structures and financing opportunities, the Nigerian creative economy can grow to global standards, providing wealth creation, jobs, and national economic growth.
By Raliat Adenekan
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