Afreximbank opens $2bn creative fund as CANEX 2026 begins for Lagos
- Afreximbank say $2bn dey available now to finance African film, music, fashion and other creative businesses.
- Di bank president, George Elombi, want Lagos deals to beat di $540m wey dem record for di last CANEX.
- Nigeria also dey push $600m digital and creative fund through di IDICE programme.
Creative businesses for Africa don get access to $2bn financing from di African Export-Import Bank (Afreximbank), di bank talk as im Creative Africa Nexus (CANEX) Weekend open for Lagos on Thursday.
Di four-day gathering wey di Federal Government host, dey run from November 5 to 8, and e bring creators, investors and policymakers together under di theme "One People, United in Culture, Creating for the World." E dey hold for di Wole Soyinka Centre for Culture and Creative Arts for Iganmu, wey be former National Theatre.
Afreximbank President George Elombi talk say di bank raise im creative-sector commitment from $500m to $1bn and then to $2bn in 2024. Di money na for production facilities, distribution, branding, marketing, logistics and intellectual property, no be only for making content.
Why di money matter
Elombi talk say African creators often dey produce global hits while foreign companies dey keep di earnings, because dem dey control distribution, catalogues, branding and marketing. He put di continent's creative economy at about $60bn, citing United Nations Economic Commission for Africa estimates, wey be just two per cent of di global market.
He talk say Lagos suppose aim to beat di more than $540m in deals wey dem record for di last CANEX for Algiers, Algeria, wey draw nearly 4,000 participants from 81 countries. Registration for dis year edition close at 17,000 people, according to di Minister of Industry, Trade and Investment, Jumoke Oduwole.
Vice President Kashim Shettima, wey represent President Bola Tinubu, talk say di government now see creativity as a trade sector and go treat am as one. Oduwole talk say di Federal Government also dey work to unlock more than $600m for digital and creative businesses through di Investment in Digital and Creative Enterprises (IDICE) programme, wey di Vice President office and di Bank of Industry dey lead.
She talk say di Federal Executive Council approve Nigeria first National Intellectual Property Policy and Strategy in November 2025, and say di country dey co-champion di African Continental Free Trade Area (AfCFTA) protocol on digital trade, wey fit make cross-border music licensing and film distribution easy.
Elombi urge creators to register dia rights and keep proper earnings records, arguing say documented royalties fit work as collateral for loans. He also ask governments make dem no cut cultural budgets during tough economic times.
Actor Richard Mofe-Damijo, wey speak for di sector, talk say talent alone no fit sustain di industry without financing, intellectual property protection and reliable distribution.
Wetin go happen next
Di event go continue 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 talk say Afreximbank go measure results at di 2027 Intra-African Trade Fair for Lagos by di contracts wey dem sign, studios wey dem build and intellectual property wey dem acquire.
