Afreximbank, a leading African import-export bank, has announced plans to mobilize $2 billion in financing for African creative industries by 2027. The funds will be used to support the growth of the sector, with a focus on financing, value chain management, and market access. This announcement was made at the opening of the Creative Africa Nexus (CANEX) WKND 2026 conference in Lagos, Nigeria.
The CANEX WKND 2026 conference, which runs for four days, has attracted over 15,000 participants, including government representatives, investors, financial institutions, and creative industry stakeholders from Africa, the Caribbean, and the diaspora. The conference aims to promote the growth of the African creative industry and facilitate connections between stakeholders. Afreximbank's president, George Elombi, emphasized the need for Africa to master its value chain to ensure profitability in the sector.
According to Elombi, the African creative economy is estimated to be worth around $60 billion, accounting for nearly 2% of the global creative industry. However, he noted that financing production alone is not enough to guarantee profitability, and that Africa needs to strengthen its capacity in distribution, brand valuation, commercialization, and intellectual property rights.
Nigerian Vice-President Kashim Shettima, who opened the conference on behalf of President Bola Ahmed Tinubu, called for the transformation of Africa's cultural potential into economic and commercial opportunities. He also emphasized the need for easier access to markets for creators. Nigerian Minister of Industry, Trade, and Investment, Jumoke Oduwole, revealed that potential transactions worth over $500 million are being discussed between Nigerian entrepreneurs, buyers, and investors.
The Nigerian government has implemented reforms to improve the business environment, including the adoption of its first national intellectual property policy in 2025 and the launch of a guide to direct investments towards studios, production, and content distribution in January 2026. The CANEX WKND 2026 conference features business meetings, a summit on financing the creative economy, workshops, and professional exchanges.
The conference covers various sectors, including film, music, fashion, literature, and technology. The previous edition, held in Algiers in 2024, brought together participants from 81 countries and facilitated transactions and investments worth over $540 million. The event provides a platform for stakeholders to connect and explore opportunities in the African creative industry.
The $2 billion financing pledge by Afreximbank is expected to have a significant impact on the growth of the African creative industry. With a focus on value chain management and market access, the funds will help to unlock the potential of the sector and create new opportunities for creators and investors alike. The conference will continue to facilitate discussions and connections between stakeholders, with a goal of driving growth and development in the industry.
Key points
- Afreximbank to provide $2 billion in financing for African creative industries by 2027
- The African creative economy is estimated to be worth around $60 billion
- The CANEX WKND 2026 conference aims to promote the growth of the African creative industry and facilitate connections between stakeholders
