The federal government has disbursed the second batch of the ₦5 billion Creative Fund, established in collaboration with Providus Bank in December 2023, to support Nigeria’s creative sector.

This announcement was made by Fegho-x Umunubo, Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, in an Instagram post this week.

The second batch of the fund was launched at Eko Hotels and Suites last week Friday, following the successful disbursement of ₦1.5 billion to four actors/producers for their movie projects.

The government is now inviting applications for funding for creative projects, with interested individuals encouraged to share their proposals via email at creatives@providusbank.com.

This initiative marks a significant shift in focus towards the creative industry, which has long been overlooked by traditional financiers.

The growth of Afrobeats and the investment by streaming giants like Netflix and Prime Video in Nigerian creative projects have highlighted the potential of the sector, and this fund aims to support its continued development.