Nigerian music mogul and entrepreneur Peter Okoye, also known as Mr. P, has announced the launch of a $5 million Creative Arts Fund aimed at supporting young entrepreneurs in music, fashion, dance, and digital media across Africa.

The initiative, unveiled at a press conference in Lagos, is a personal project under the artist’s newly formed foundation, Okoye Impact Initiative, which will provide seed funding, mentorship, and training for up to 200 youth-led creative ventures over the next two years.

“Talent is everywhere, but opportunity is not,” said Okoye. “This fund is about removing barriers. If you have the ideas and the drive, we’ll help you get the tools.”

According to the foundation, applications will open next month through a dedicated platform, and selections will prioritize underserved communities in Nigeria, Ghana, Kenya, and South Africa.

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The announcement has already attracted attention from international partners, with tech firm Meta and music streaming giant Audiomack reportedly expressing interest in co-sponsoring specific programs under the fund.

Peter Okoye, who rose to global fame as part of the award-winning duo PSquare, has increasingly shifted focus to business, mentorship, and youth empowerment in recent years. He has also invested in fintech, real estate, and fashion ventures.

Nigerian Minister of Youth and Sports Development, Sunday Dare, applauded the initiative:

“This is the kind of leadership we need from our stars not just entertainment, but real empowerment. Okoye is setting a new standard.”

The first beneficiaries of the Creative Arts Fund will be announced in October 2025.