Afreximbank increases creative industry financing to $2 billion

At the Creative Africa Nexus (CANEX) Weekend 2026 in Lagos, the African Export-Import Bank (Afreximbank) announced it has quadrupled its financing commitment to Africa’s creative and cultural industries to $2 billion. This increase from an initial $500 million pledge aims to strengthen the commercial potential of the continent’s creative economy, which the United Nations Economic Commission for Africa values at approximately $60 billion.

The initiative seeks to address challenges such as limited access to finance, inadequate business skills, and the need for better intellectual property protection. Afreximbank officials noted that while African talent achieves global recognition, much of the economic value is often captured by foreign entities controlling distribution and branding. To counter this, the bank is supporting sectors including film, music, fashion, literature, and visual arts.

In Nigeria, the Federal Government is also driving a $617 million initiative through the Investment in Digital and Creative Enterprises (iDICE) programme. Implemented by the Bank of Industry, iDICE aims to provide young entrepreneurs with access to finance, skills development, and infrastructure. The iDICE programme is serving as an official Deal Room partner for the CANEX event, facilitating structured meetings between investment-ready enterprises and financiers.