CANEX WKND 2026: Calls grow for greater investment in Africa’s creative economy

Hosted by the Federal Government of Nigeria and organised by the African Export-Import Bank (Afreximbank) through its Creative Africa Nexus (CANEX) programme, the four-day event runs until 8 November under the theme One People, United in Culture, Creating for the World.

The programme covers film and television, music, fashion, sport, literature and publishing, gastronomy and visual arts, with discussions focusing on financing, intellectual property, technology, investment, skills development and access to international markets.

Opening the event on behalf of President Bola Ahmed Tinubu, Nigeria’s Vice-President, Kashim Shettima, called on African governments and investors to translate the continent’s growing cultural influence into commercial opportunities.

Speaking at the Wole Soyinka Centre for Culture and Creative Arts, formerly the National Theatre, Shettima said African creatives needed more than international recognition to build sustainable careers and businesses.

“Creativity is now a trade sector, and we intend to treat it as one,” he said.

Drawing comparisons with the 1977 Festival of Arts and Culture (FESTAC), which was held at the same venue, Shettima said the focus of the current gathering should be on converting Africa’s cultural heritage into economic value.

“In 1977, we came to celebrate our culture. In 2026, we come to capitalise on it. We come to turn the world’s applause into contracts, its admiration into markets, and the talent of our young people into enduring wealth,” he said.

He also called for improved access to African markets for the continent’s creative businesses, noting that regional trade barriers continued to limit opportunities for artists and entrepreneurs.

“We cannot continue to celebrate African creativity while making it difficult for African creators to access African markets,” he said.

Shettima said the Nigerian government was committed to strengthening intellectual property protection, improving access to financing and positioning the country to benefit from trade opportunities under the African Continental Free Trade Area (AfCFTA).

Afreximbank increases creative industry financing to $2bn

Financing and investment featured prominently during the opening discussions, with Afreximbank reaffirming its commitment of S$2 billion to Africa’s creative and cultural industries for the 2024 to 2027 period.

The bank’s financing commitment has increased from an initial $500 million as it seeks to support the development of sustainable creative businesses, strengthen intellectual property ownership and improve the continent’s capacity to commercialise its cultural products.

Afreximbank president and chairman of the board of directors, Dr George Elombi, said financing individual creative projects would not be sufficient without investment in the wider industry infrastructure, particularly distribution, marketing and intellectual property management.

Citing estimates from the United Nations Economic Commission for Africa, Elombi said the continent’s creative economy was valued at approximately $60 billion, representing about 2% of the global creative industry.

“We can put these financing schemes into music and movie productions. Yet the value we derive will still be low. We must therefore focus on building the creative ecosystem,” he said.

Elombi identified distribution networks, branding, marketing platforms and intellectual property ownership as areas requiring greater investment to ensure African businesses retain more revenue from their work.

He also challenged participants in the CANEX Deal Room to exceed the more than $540 million in trade and investment deals facilitated during the 2024 edition in Algiers, Algeria. That gathering attracted nearly 4 000 participants from 81 countries.

$118m financing arrangements announced for Nigeria

Afreximbank announced financing arrangements worth $118 million to support Nigeria’s creative economy during the event.

The arrangements comprise a $75 million facility involving Afreximbank and the Development Bank of Nigeria (DBN), a $30 million financing arrangement and a $13 million grant involving the Nigerian Export-Import Bank (NEXIM), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Afreximbank.

The funding is intended to help Nigerian creative businesses expand production, strengthen intellectual property protection and improve their competitiveness in international markets.

Elombi said African creators were producing cultural content with global appeal but often lacked control over the distribution channels, marketing platforms and commercial assets needed to maximise their earnings.

He argued that investment should extend beyond content production to the infrastructure and businesses that enable creators to retain ownership and generate revenue from their intellectual property.

The Investment in Digital and Creative Enterprises (iDICE) programme, a Federal Government initiative implemented by the Bank of Industry, is also participating in the CANEX Deal Room. The programme, valued at US$617 million, supports technology and creative businesses through financing, enterprise development, skills training and infrastructure.

During CANEX WKND, iDICE is targeting between 15 and 20 businesses and 40 to 50 meetings between investors and potential investees.

Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said proposed transactions worth more than $500 million were already under discussion between Nigerian entrepreneurs, buyers and investors through deal rooms organised in partnership with Afreximbank.

“We promised to bring buyers and investors here. Today, Nigerian creatives are negotiating with them in Lagos. Our ambition is a deal for every part of the creative economy, from sports and gaming to creative technology and infrastructure, the arts and gastronomy,” she said.

Oduwole also highlighted government initiatives aimed at improving the investment environment for creative businesses. These include Nigeria’s National Intellectual Property Policy and Strategy, approved in 2025, and the Creative Sector Investment Playbook, launched in January 2026 to guide investment in areas such as studios, content production and distribution.

Nigeria, alongside Kenya and South Africa, is also a co-champion of the AfCFTA Protocol on Digital Trade.

Akindele calls for more cinemas and production studios

Infrastructure development was also raised by Nigerian filmmaker and actress Funke Akindele, who called for more cinemas and production studios across Africa, particularly in Nigeria.

Speaking to journalists on 6 November, Akindele said the limited number of cinema facilities in Nigeria restricted the revenue potential and international reach of local productions.

She argued that expanding cinema infrastructure would provide filmmakers with more opportunities to distribute their work and generate income from theatrical releases.

Akindele also highlighted the need for additional production studios to support collaboration, create employment and provide practical training for young creatives. She said improved facilities would reduce the industry's dependence on production infrastructure outside the continent.

Reflecting on opportunities for emerging filmmakers, she said the next generation should benefit from better facilities and professional development opportunities than those available when she began her career.

The filmmaker attributed the reception of her work partly to relatable storytelling, explaining that her productions often draw on everyday experiences while incorporating themes and lessons that audiences can identify with.

She also emphasised the importance of partnerships in expanding the international reach of Nigerian films. Citing her collaboration with Facebook on her latest film, ‘The Four’, Akindele said the platform could help introduce her work to audiences in different markets.

“I just want them to hear about what I have and see what I’m doing all around the world, and Facebook is the best platform for me,” she said.

She further encouraged emerging creatives to develop confidence and remain committed to their craft, noting that talent alone was not sufficient to build a sustainable career.

Industry discussions and cultural activities

Beyond the opening discussions and financing announcements, CANEX WKND 2026 features a range of activities designed to connect creative businesses with investors, industry professionals and international markets.

The programme includes the Creative Economy Finance Summit, CANEX Deal Room, CANEX CreaThon, CANEX Music Factory and CANEX Book Factory, alongside sessions on artificial intelligence, intellectual property, film distribution, sports business and fashion entrepreneurship.

Other activities include the CANEX Fashion Show, publishing workshops, book fair, culinary competitions and visual arts exhibitions.

The event has attracted prominent figures from the creative industries, including Nobel Laureate Professor Wole Soyinka, Emmy Award-winning actor Uzo Aduba, filmmaker Funke Akindele, actors Richard Mofe-Damijo and Thuso Mbedu, and former footballers Didier Drogba and Jay-Jay Okocha.

Musical performances are also part of the programme, with artists including Davido, Fally Ipupa, Flavour, Libianca and Charlotte Dipanda scheduled to feature.

The programme will conclude on 8 November with cultural activities and a Legends Football Match at Onikan Stadium.

Through its various sessions and initiatives, CANEX WKND 2026 seeks to address the structural challenges facing Africa’s creative industries, particularly access to finance, intellectual property protection, distribution and international market access.