At Lagos CANEX, Afreximbank announced a goal of closing more than $540 million in creative‑industry deals, boosting its $2 billion financing pool and launching a Pan‑African Film Fund.
Key Takeaways
- Afreximbank aims to close over $540 million in creative‑industry deals at Lagos CANEX.
- The bank’s financing pool for culture has grown to $2 billion, with a new Pan‑African Film Fund.
- Deal Room and Pitch Sessions will directly link creators with investors across multiple creative sectors.
- Elombi highlighted systemic challenges such as foreign control of distribution and AI‑driven content misuse.
- Calls were made for stronger IP collateral and protected cultural budgets to sustain the sector.
Deal Room Connects Creators With Financiers
The four‑day CANEX event, held from 5‑8 November, featured a dedicated Deal Room where creators met investors face‑to‑face. Pitch sessions covered film, TV, music, fashion, sport, publishing, gastronomy, visual arts and infrastructure, giving entrepreneurs direct access to capital.
Financing Commitment Reaches $2 Billion
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Afreximbank’s creative‑industry financing pool has grown from an initial $500 million to $1 billion, then to $2 billion in 2024. The bank now aims to exceed the $540 million target set for Lagos CANEX.
Pan‑African Film Fund and IP Investments
A new Pan‑African Film Fund will back production and distribution of African movies. The bank also invested in recording studios, fashion manufacturing, entertainment venues and other creative infrastructure through CANEX Creations Inc.
Challenges Facing African Creators
Elombi warned that foreign entities often capture most revenue from African hits. He cited distribution control, branding, marketing platforms, IP rights and content catalogues as key obstacles, and warned that AI and algorithms could sideline African works.
Policy Calls and Future Outlook
Governments should safeguard cultural budgets and strengthen IP collateral, linking registries with copyright and trademark databases under the African Continental Free Trade Area. Afreximbank will assess contracts, studios and livelihoods at the 2027 Intra‑African Trade Fair, pledging to be the banker of Africa’s creative industry.
Frequently Asked Questions
What is the monetary target Afreximbank set for the Lagos CANEX event?
The bank announced a goal of securing more than $540 million in creative‑industry transactions during the four‑day gathering.
How does Afreximbank plan to help creators access financing beyond production costs?
It proposes using intellectual‑property assets as collateral, linking them to movable‑asset registries and encouraging lenders to finance royalties.
What new fund did Afreximbank introduce to support African film production?
A Pan‑African Film Fund was launched to back both production and distribution of African movies.
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