The Creative Africa Nexus Weekend (CANEX WKND) is set to take place from 5-8 November at the Wole Soyinka Centre for Culture and Creative Arts in Lagos. Organized by the African Export-Import Bank (Afreximbank), in partnership with the Federal Government of Nigeria, the African Union Commission, and the African Continental Free Trade Area (AfCFTA) Secretariat, the event aims to connect African creative talent with investment, markets, and commercial opportunities. CANEX WKND's theme, "One People, United in Culture, Creating for the World: From FESTAC '77 to CANEX '27," highlights the relationship between cultural identity and economic ambition.
CANEX WKND presents an opportunity to rethink how Africa organizes, finances, and commercializes its creative industries. For too long, discussions about Africa's cultural heritage have focused on its historical and social significance, neglecting its considerable economic value. Music, film, fashion, publishing, visual arts, design, gastronomy, and sport can generate income, create jobs, attract tourism, and expand exports. The global visibility of Afrobeats and Nollywood illustrates the possibilities, with Nigerian musicians taking Afrobeats to international audiences and Nollywood productions traveling across borders.
However, international popularity does not automatically translate into commensurate economic returns for creators and their home countries. To move from visibility to value creation, Africa must develop creative businesses that can produce consistently, compete internationally, protect their intellectual property, and retain a greater share of the revenue generated by their work. This requires a combination of investment, professional management, appropriate regulation, reliable infrastructure, and access to markets. CANEX WKND offers a platform for bringing these elements together.
Nigeria's hosting of CANEX WKND carries historical significance, recalling the 1977 Second World Black and African Festival of Arts and Culture (FESTAC '77). The festival assembled artistes, writers, musicians, performers, and cultural representatives from Africa and the diaspora, demonstrating the capacity of culture to unite people across geographical boundaries and historical experiences. Almost half a century later, the central challenge has evolved, with a focus on building commercially sustainable creative industries.
The case for CANEX WKND is strengthened by the results recorded at its 2024 edition in Algiers, Algeria. The gathering attracted nearly 4,000 participants from 81 countries, featured 108 exhibitors, and facilitated deals valued at over $540 million. One of the most significant transactions was a €245 million global facility agreement with New World Television (NWTV) to part-finance its acquisition of sports broadcasting rights across 24 African countries.
Afreximbank also announced a $3 million financing facility for Mediwood Studios to support the expansion of Tunisia's film industry. Additionally, CANEX Presents the Angels demonstrated how smaller creative enterprises could attract investment through direct engagement with potential backers. At the pitch session, angel investors committed $350,000 to support three creative businesses, including Cameroonian fashion designer Kibonen Nfi.
The success of CANEX WKND in Algiers and its upcoming edition in Lagos demonstrate the potential for creative economy platforms to connect cultural production with finance, investment, and commercial partnerships. As Africa seeks to preserve the spirit of cultural solidarity while building commercially sustainable creative industries, events like CANEX WKND offer a valuable opportunity for growth, innovation, and economic development.
Key points
- CANEX WKND aims to connect African creative talent with investment, markets, and commercial opportunities.
- The event seeks to rethink how Africa organizes, finances, and commercializes its creative industries.
- CANEX WKND has facilitated significant deals, including a €245 million agreement with New World Television and a $3 million financing facility for Mediwood Studios.
