Afreximbank opens $2bn creative fund as CANEX 2026 begins in Lagos
- Afreximbank says $2bn is now available to finance African film, music, fashion and other creative businesses.
- The bank's president, George Elombi, wants Lagos deals to beat the $540m recorded at the last CANEX.
- Nigeria is also pushing a $600m digital and creative fund through the IDICE programme.
Africa's creative businesses now have access to $2bn in financing from the African Export-Import Bank (Afreximbank), the bank said as its Creative Africa Nexus (CANEX) Weekend opened in Lagos on Thursday.
The four-day gathering, hosted by the Federal Government and running from November 5 to 8, brings together creators, investors and policymakers under the theme "One People, United in Culture, Creating for the World." It is holding at the Wole Soyinka Centre for Culture and Creative Arts in Iganmu, formerly the National Theatre.
Afreximbank President George Elombi said the bank raised its creative-sector commitment from $500m to $1bn and then to $2bn in 2024. The money is meant for production facilities, distribution, branding, marketing, logistics and intellectual property, not just for making content.
Why the money matters
Elombi said African creators often produce global hits while foreign companies keep the earnings, because they control distribution, catalogues, branding and marketing. He put the continent's creative economy at about $60bn, citing United Nations Economic Commission for Africa estimates, which is just two per cent of the global market.
He said Lagos should aim to beat the more than $540m in deals recorded at the last CANEX in Algiers, Algeria, which drew nearly 4,000 participants from 81 countries. Registration for this year's edition closed at 17,000 people, according to the Minister of Industry, Trade and Investment, Jumoke Oduwole.
Vice President Kashim Shettima, who represented President Bola Tinubu, said the government now sees creativity as a trade sector and would treat it as one. Oduwole said the Federal Government is also working to unlock more than $600m for digital and creative businesses through the Investment in Digital and Creative Enterprises (IDICE) programme, led by the Vice President's office and the Bank of Industry.
She said the Federal Executive Council approved Nigeria's first National Intellectual Property Policy and Strategy in November 2025, and that the country is co-championing the African Continental Free Trade Area (AfCFTA) protocol on digital trade, which could ease cross-border music licensing and film distribution.
Elombi urged creators to register their rights and keep proper earnings records, arguing that documented royalties can be used as collateral for loans. He also asked governments not to cut cultural budgets during tough economic times.
Actor Richard Mofe-Damijo, speaking for the sector, said talent alone cannot sustain the industry without financing, intellectual property protection and reliable distribution.
What happens next
The event continues with a finance summit, film and fashion sessions, a CreaThon with a $50,000 prize pool, a concert on November 7 and a Legends Football Match at Onikan Stadium on November 8. Elombi said Afreximbank will measure results at the 2027 Intra-African Trade Fair in Lagos by the contracts signed, studios built and intellectual property acquired.
