Afreximbank expects $1bn in deals at Lagos CANEX creative summit
- Afreximbank expects at least $1 billion in investment from this year's CANEX creative summit in Lagos.
- An executive said the 2022 edition in Algiers brought in about $450 million, and she expects Lagos to beat that.
- The event has drawn a record 17,000 registered participants and runs until Sunday.
The African Export-Import Bank (Afreximbank) expects investors to commit at least $1 billion by the time the Creative Africa Nexus (CANEX WKND 2026) closes in Lagos on Sunday, a senior bank official said.
Kanayo Awani, Afreximbank's Executive Vice President for Intra-African Trade and Export Development, gave the figure while speaking to journalists on Friday at the CANEX Summit. The summit is holding at the Wole Soyinka Centre for Culture and Creative Arts, the National Theatre, in Lagos.
Awani said the 2024 edition in Algiers, Algeria, produced deals worth about $540 million, which was seen as a strong result at the time. She said she is confident Lagos will do better.
"This is Lagos and this is Nigeria. There is no reason why we shouldn't expect more than $1 billion," she said.
She said two partnership agreements worth about $100 million were signed on Thursday, and that the event's deal rooms are set up for more to follow. Afreximbank, she added, is at the summit to promote, facilitate and finance the creative economy in Nigeria and across Africa.
Why it matters for Nigerian creatives
CANEX is organised by Afreximbank with the Federal Government, the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat. Organisers say it is one of the continent's biggest gatherings for the creative sector.
For musicians, filmmakers, fashion designers and other creatives, the event is a chance to turn talent into registered businesses, jobs and export earnings rather than one-off performances. An organiser said the aim is to move African creativity into intellectual property, employment and global influence.
The programme includes masterclasses, business-to-business meetings, a finance summit and deal rooms where investors and creatives can negotiate. It also features concerts, film screenings and competitions.
A record 17,000 people have registered for this year's edition, according to organisers.
What happens next
The summit ends on Sunday, when the final tally of deals is expected. Whether the $1 billion target is met will depend on agreements signed in the deal rooms over the weekend.
