KEY POINTS

• Afreximbank says it has increased its financing commitment to Africa’s creative industry to $2 billion.
• The bank is targeting production, distribution, branding, marketing, logistics and intellectual property ownership.
• Africa’s creative economy is estimated at $60 billion, representing two per cent of the global industry.
• Richard Mofe-Damijo says the continent must turn its global creative influence into sustainable businesses and wealth.

MAIN STORY

The African Export-Import Bank (Afreximbank) has pledged to expand financing for Africa’s creative economy, with a focus on helping local creators retain more economic value from their work.

The bank’s President and Chairman, Dr George Elombi, announced the commitment on Thursday in Lagos at the 2026 Creative Africa Nexus (CANEX) Weekend, themed “One People, United in Culture, Creating for the World”.

Elombi said Africa had gained international recognition through its music, films, fashion, literature and visual arts, but much of the commercial value generated by these industries continued to accrue outside the continent.

He cited an estimate by the United Nations Economic Commission for Africa that puts the continent’s creative economy at $60 billion, representing only two per cent of the global creative economy.

According to him, African creators often produce successful creative works while foreign companies retain control of distribution platforms, branding, marketing channels, catalogues and intellectual property rights.

“Our talent is global, our share of the value, unfortunately, is only local,” he said.

Elombi said Afreximbank increased its financing commitment to the creative industry from $500 million to $1 billion before raising it to $2 billion in 2024 in response to growing demand.

The funding is intended to support different parts of the creative value chain, including production facilities, distribution platforms, branding, marketing, logistics and intellectual property.

He also announced the bank’s establishment of the Pan-African Film Fund for Production and Distribution to strengthen African ownership of creative content and improve its access to international markets.

Through CANEX, the bank is also investing in African intellectual property, including films, music catalogues and musical compositions.

THE ISSUES

Africa’s creative industry has gained international visibility, but recognition does not automatically translate into ownership or substantial financial returns for local creators.

When creators do not own the rights to their work or control how it reaches audiences, they may receive only a limited share of the income generated from its distribution and commercial use.

Elombi said intellectual property registration was therefore important because documented rights could be valued and used to secure financing.

“A right that is not on record cannot be financed and the royalty no one can audit cannot be priced,” he said.

His remarks point to a financing challenge for creative businesses. Unlike conventional businesses with physical assets, creators may depend heavily on intellectual property and future royalty income. Without properly registered and verifiable rights, those assets can be difficult to value and use as collateral.

Elombi urged African governments to invest in cultural infrastructure, training facilities, studios and performance venues. He also warned against reducing cultural budgets during periods of economic pressure.

Meanwhile, Creative Icon Richard Mofe-Damijo called for increased investment, stronger intellectual property protection and better distribution networks to help African creatives retain more of the value generated by their work.

He said Africa needed to move beyond international recognition and build businesses capable of generating sustainable income and wealth.

Mofe-Damijo pointed to the United States, South Korea and India as examples of countries that have used their cultural industries to promote their identities, products, tourism and economic interests.

He argued that culture could shape global perceptions, influence consumer behaviour and attract tourism, but talent alone was insufficient to sustain the industry.

WHAT’S BEING SAID

“Our talent is global, our share of the value, unfortunately, is only local.” – Dr George Elombi, President and Chairman, Afreximbank.

“A right that is not on record cannot be financed and the royalty no one can audit cannot be priced.” – Dr George Elombi, President and Chairman, Afreximbank.

WHAT’S NEXT

Afreximbank’s expanded financing commitment is expected to support investment across Africa’s creative value chain, while the Pan-African Film Fund is intended to strengthen production, distribution and ownership of African film content.

Mofe-Damijo urged investors to provide financing for creative businesses, governments to establish supportive policies and creators to protect their intellectual property and build strategic partnerships.

BOTTOM LINE

Afreximbank’s $2 billion financing commitment targets a gap between Africa’s global creative influence and the economic value retained on the continent. Whether that commitment translates into lasting growth will depend on access to funding, stronger distribution networks and African ownership of creative assets.