CANEX's $2bn Commitment Faces a Bigger Test in Africa's Creative Industries

Afreximbank has committed $2 billion to Africa’s creative industries for 2024–2027, and the challenge now is turning that capital into sustained growth across film, music, and fashion. The CANEX WKND event in Lagos, running November 5–8, brings creators, investors, and policymakers together as the initiative aims to attract long-term investment. While the funding package was announced in 2024, the key question is how to finance businesses whose main assets are creative works, brands, or intellectual property rather than physical equipment. Afreximbank plans to fill the gap with loans, equity investments, and infrastructure financing. Examples include agreements worth over $540 million at CANEX 2024 in Algiers, including a €245 million facility to support New World Television’s sports broadcasting rights acquisition in 24 African countries, and investment in the Nigerian film Clarissa for international distribution via U.S. company NEON.