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This article was produced with the support of Afreximbank
In the last four years, the African Export-Import Bank (Afreximbank) has been committing many more resources to boost the creative and sports sectors, taking the view that Africa can take a bigger slice of these multi-trillion dollar sectors and in these process create jobs and wealth on the continent. Last October, at the most recent Creative Africa Nexus Weekend (CANEX WKND), the bank’s annual gathering of the continent’s creative stars and businesses Professor Benedict Okey Oramah, president of the bank, announced that it would double its commitment to the creative sector with an allocation of $2bn to bolster Africa’s cultural industries.
Afreximbank’s interventions have been diverse, ranging from direct investments to strategic partnerships that enhance the ecosystem, through capacity building, market access, and business growth for African creatives. They include collaborations with Nigerian author Chimamanda Ngozi Adichie to foster creative writing and the promotion of African fashion designers at global events like Tokyo and Paris Fashion Weeks, making their designs and collections available to buyers from the world’s biggest department stores.
The CANEX Music Factory, which launched in Abidjan in 2022, has also proven instrumental in fostering collaborations among artists across the African diaspora, resulting in projects like the CANEX Music Factory album. Additionally, Afreximbank has partnered with Egyptian jeweller Azza Fahmy, who has stores in a number of countries including in Europe, the Gulf Cooperation Council (GCC) countries and the US, to train over 5,000 jewellers and craftspeople from across Africa and the diaspora via the Trace Academia online platform.
The bank is also making significant investments in sports as a catalyst for economic and social development, partnering with organisations such as the Confederation of African Football (CAF) and the Basketball Africa League (BAL) to enhance infrastructure, support talent development and promote local and regional leagues. The bank has finalised a $263m facility with the New World Television network to support its acquisition of global sports broadcasting rights. These include content from FIFA, UEFA, CAF, France’s Ligue 1 and Spain’s LaLiga, as part of Afreximbank’s CANEX culture and sport financing programme. Kanayo Awani, executive vice president, Intra-African Trade Bank at Afreximbank (pictured below) explained the bank’s rationale for investing in the sector: “globally, the creative economy is valued at an astonishing $2 trillion. [It] offers substantial revenue streams for small businesses and creates countless employment opportunities, especially for youth.” With Africa’s population under 25 years old accounting for a significant portion of the continent, the creative economy holds immense promise in addressing the continent’s unemployment challenges. “Nearly half of young people between the ages of 15 and 30 work in the creative economy,” Awani points out, emphasising the potential of sectors such as fashion, music, film production, and digital content to serve as key job creators.
Beyond its financial commitments, Afreximbank is also advocating for and working with governments to effect policy changes to support the growth of the creative sectors. To further support creators, Afreximbank is advocating for stronger intellectual property protection mechanisms, ensuring that African creatives can safeguard their work and receive fair compensation.
The bank’s goal, according to Awani, is to increase Africa’s share of global trade in creative and cultural products. “We are focusing on strengthening our institutions, opening avenues for market access, and supporting financial solutions tailored to the creative sector,” she said. By investing in the creative value chain – including record labels, publishing companies, and intellectual property – Afreximbank hopes to stem the improper exploitation of African creative works and ensure that creators benefit from the full value of their work. It will also, it says, help foster unity and pride among Africans, while showcasing positive aspects of the continents to the outside world.
