On October 19, 2024, Afreximbank announced plans to double its funding for the Creative Africa Nexus (CANEX) programme from $1 billion to $2 billion over the next three years. This decision was revealed by Prof. Benedict Oramah during the CANEX WKND 2024 event held in Algiers, Algeria. The increase in funding is a response to the rising demand in Africa's creative sectors, which has been evident since 2022 [cecb89a8].
Initially, Afreximbank committed $500 million to the CANEX programme in 2020, which was later raised to $1 billion in 2022. The new funding will primarily focus on infrastructure development across various creative industries, including film, music, sports, and fashion. Additionally, a $500 million private equity film fund is being developed to further support filmmakers in the region [cecb89a8].
This announcement follows Afreximbank's recent approval of a $20.8 million financing facility for Starlink Global & Ideal Limited in Nigeria, aimed at establishing a cashew processing factory in Lagos. This project is expected to create around 400 jobs and support local small and medium-sized enterprises [926fe698].
Moreover, Nigeria's Minister of Art, Culture, and the Creative Economy, Barrister Hannatu Musa Musawa, recently secured a $200 million financing facility from Afreximbank to enhance the country's creative industries. This funding aligns with the government's Destination 2030 vision, which aims to transform Nigeria into a global cultural powerhouse [988b7db3].
Musawa has emphasized the importance of global partnerships to create jobs and boost Nigeria's GDP through the creative sector, which currently contributes $5.6 billion to the economy. The goal is to increase this contribution to $20 billion by 2027 [988b7db3].
In addition to these financial initiatives, Musawa announced plans to refurbish six national museums across Nigeria starting in October 2024, further enhancing the country's cultural infrastructure [988b7db3].
These combined efforts reflect a robust strategy by Afreximbank and Nigerian authorities to foster talent, innovation, and economic collaboration in Africa's creative industries, marking a significant step towards enhancing the continent's position in the global creative economy [988b7db3].