In a statement on Monday, the group said the funds would target early-stage companies in film, music and creative technology.
The minister said the meeting marked an important step in strengthening cultural ties.
FG outlined key strategic interventions to increase the arts, culture, tourism, and creative economy’s contributions to the GDP to $100 billion by 2030, and create three million jobs.
The United Nations Educational, Scientific and Cultural Organisation has formally recognised the Sango Festival as an Intangible Cultural Heritage of Humanity.
She said that plans were underway to create a film village among other projects to enhance the industry.
Mr Ajiboye urged Nigerians to shun naysayers and selfish opposition elements.
She said the FEC approved a memo seeking to monetise Nigeria’s tangible and intangible assets in both the creative, cultural and tourism industry.
The minister added that CEDF is structured as an independent, professionally managed investment fund.
According to her, the partnership aims to build proper structures to add value to Nigeria’s rich cultural identity.
The federal government said the National Economic Council had approved the project, paving the way for the transformation of the creative industry.
