FEC approves creation of Creative Economy Fund, to unveil IP policy

The Federal Executive Council (FEC) has approved the creation of a Creative Economy Development Fund.

This was revealed by the Minister of Arts, Culture, Tourism and Creative Economy, HannatuMusawa while briefing journalists.

She disclosed that, “FEC gave approval for the creation of a Creative Economy Development Fund. This is a special purpose vehicle that will allow members within the creative economy to have access to funding and use their IP as collateral in terms of monetization.”

Speaking further, she noted that the Ministry identified very early on that the very basic structures in order for us to really tap into the potential of the creative economy were missing.

“So, we got to work in putting up those structures. IP (Intellectual Property) policy is one of those very basic structures that was missing. We are working together with the Ministry of Industry, Trade and Investment and with the Ministry of Justice to ensure that we deliver IP policy, hopefully within maximum, at the very last phase, within the next two weeks,” she said.

She added that, “This is a special purpose vehicle that will allow us to give this funding to members within the community. And hopefully, we will be able to really tap into the potential and reach our targets of economic expansion, creative expansion, cultural expansion, of course, and job creation, specifically for the younger demographic.”