Afreximbank targets over $540m deals at Lagos CANEX

In a strategic move to deepen investment in Africa’s creative sectors, the African Export-Import Bank (Afreximbank) is targeting more than $540 million in deals at the upcoming Creative Africa Nexus Weekend (CANEX) scheduled for Lagos in November 2026. The event, which spans four days, is positioned as a pivotal platform for connecting African entrepreneurs in music, film, fashion, and other cultural industries with financiers and investors eager to support scalable ventures.

Dr George Elombi, Afreximbank’s President and Chairman, announced these ambitions during CANEX’s opening ceremony. He expressed optimism that the transactions secured in Lagos would notably exceed previous benchmarks, hoping the city would set a new high-water mark for creative industry financing across the continent.

CANEX 2026, hosted by Nigeria’s federal government and organized by Afreximbank, operates under the unifying theme "One People, United in Culture, Creating for the World." It incorporates a Deal Room and Creative Pitch Sessions designed to facilitate direct dialogue between content creators and capital providers. The agenda also includes the Creative Economy Finance Summit, a collaborative effort with Co-Creation Hub’s Creative Economy Practice, focusing on innovative approaches to structuring and de-risking investments in creative enterprises.

The concerted efforts by Afreximbank reflect a broader recognition of the African creative economy’s growth potential, which, according to estimates linked to the United Nations Economic Commission for Africa, is valued at roughly $60 billion. Despite this, the continent’s creative industries currently capture just a small fraction—about 2%—of the global creative market’s financial benefits.

Elombi highlighted a persistent disparity: African artists and creators frequently achieve international acclaim, yet the financial rewards often bypass the continent. Key challenges identified include the dominance of foreign entities over distribution channels, marketing infrastructure, branding, intellectual property management, and content ownership. This control limits African creators’ ability to monetize their work effectively and retain economic value within the continent.

The bank’s president underscored the critical role of digital platforms and algorithm-driven content curation in determining which African artistic works gain global exposure. Moreover, emerging technologies such as artificial intelligence pose new risks, including unauthorized replication of creative content, further complicating rights management and revenue capture for creators.

Afreximbank’s approach extends beyond merely financing production; it aims to nurture a comprehensive creative ecosystem. This includes supporting the entire value chain—from idea generation and content creation to distribution, marketing, and value retention. To this end, the bank has significantly ramped up its financial commitment to the creative sector, increasing its funding allocation from an initial $500 million to $1 billion, and now pledging $2 billion in 2024 to foster growth.

Complementing these financial commitments, Afreximbank has launched a Pan-African Film Fund to bolster production and distribution capabilities. Investments also target infrastructure development, including recording studios, fashion manufacturing facilities, entertainment venues, and other essential creative hubs. Through CANEX Creations Inc., the bank has acquired stakes in African intellectual property assets, encompassing film projects and music catalogues, reinforcing the institution’s direct involvement in content ownership.

CANEX 2026’s program features focused discussions on intellectual property investment strategies, the implications of artificial intelligence, and the deployment of digital tools to enhance the sector’s resilience. The event also includes the CANEX CreaThon, a competition backed by technology firm Gebeya with a $50,000 prize pool, aimed at fostering innovation at the intersection of technology and creativity.

Elombi called on African governments to safeguard cultural sector budgets, cautioning that reductions in funding amid fiscal pressures could jeopardize job creation and economic opportunities tied to creative industries. He further advocated for stronger recognition of intellectual property as viable collateral for financing, highlighting Nigeria’s Secured Transactions in Movable Assets Act of 2017 as a positive example. The integration of collateral registries with copyright and trademark databases, particularly under the African Continental Free Trade Area framework, was presented as a crucial step to enable cross-border access to finance for creators.

Emphasizing the importance of formalizing intellectual property rights, Elombi advised creators to register their works and maintain transparent revenue records to facilitate lending against royalties. Looking forward to the Intra-African Trade Fair in Lagos in 2027, Afreximbank intends to evaluate the tangible outcomes of CANEX 2026, including contracts signed, studios established, intellectual property acquired, and livelihoods supported.

Through these initiatives, Afreximbank positions itself not just as a financier but as an active partner in Africa’s cultural renaissance, committed to unlocking the continent’s vast creative potential and ensuring that its artists receive a fairer share of the economic rewards generated by their talents.