$1 Billion fund to turn Africa’s creative industry global

• The boost to creative industry is part of the Afreximbank’s Creative Africa Nexus Programme (CANEX), which seeks to enhance growth and impact of the entertainment sector in the continent.
• Funding will be critical in promoting the production and distribution of high-quality films and TV series around the world, furthering Africa’s cultural appeal and influence.
• It will also help catalyse attracting and directing global capital into Africa’s film and TV production industry.

The push to develop the nascent creative industry in Africa has received a timely boost with the African Export-Import Bank (Afreximbank) unveiling a $1 billion fund to position the growing segment in the global arena.

In an update, the Afreximbank has unveiled Africa Film Fund, an initiative that is part of the lender’s Creative Africa Nexus Programme (CANEX), which seeks to enhance growth and impact of the creative industry across the continent.

“Film is a cornerstone of the Creative Africa Nexus (CANEX) programme and the establishment of the Africa Film Fund is timely as it will help accelerate the growth of Africa’s creative sector, which has witnessed rapid growth but continues to face significant challenges including funding, scaling and accessing global markets,” noted Prof. Benedict Oramah, President of Afreximbank and Chairman of both the Boards of Directors of Afreximbank and FEDA.

He added, “Through investments in the film sector, alongside initiatives such as the CANEX Shorts Awards, Afreximbank is committed to celebrating and amplifying a diverse range of African voices and experiences, thereby catalysing the creative industry and unleashing the creative industry’s potential to drive economic growth across Africa.”

Fund to enable Africa’s creative industry gain global appeal

The fund comes months after Afreximbank committed in October 2024 to launch a private equity film fund through FEDA to support the production and distribution of films across Africa and better empower the continents filmmakers to create globally appealing content.

According to the lender, the fund will be critical in promoting the production and distribution of high-quality films and TV series around the world, furthering Africa’s cultural appeal and influence. Consequently, the fund looks set to catalyse attracting and directing crucial capital into Global Africa’s film and TV production industry. Additionally, it will help in  mobilising resources that would enable filmmakers and storytellers to produce world-class content.

UNESCO Institute for Statistics notes that the film industry in Africa coupled with the audiovisual sector generates roughly $5 billion in annual revenues and offers employment to over 5 million people.

Challenges facing Africa’s creative industry

The industry is, however, facing a number of challenges, including limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure.

So far, across the continent, there are less than 2,000 cinema screens and increasingly limited access to digital platforms for millions of people. Afreximbank’s interventions through FEDA seek to address some of these issues and more.

“The Africa Film Fund is not merely about financing films – it is about building a thriving ecosystem that empowers Global Africa’s creative talent, fosters cultural exchange, and catalyses economic transformation. At FEDA, we are committed to ensuring this initiative delivers tangible impact with long-term and sustainable benefits,” noted Marlene Ngoyi, CEO of FEDA.

At the same time Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development, Afreximbank, added that this will help unlock the full potential of Africa’s creative economy by giving African storytellers the platform, resources, and visibility they deserve.

“It reflects our belief that culture is not just a soft power, but a strategic asset for economic growth, youth empowerment, and regional integration,” explained Awani.

Viola Davis, co-founder of JVL Media LLC and an EGOT (Emmy, Grammy, Oscar, Tony) winning actress welcomed the initiative: “African stories are deeply human and universally powerful. This Fund is an invitation to the world to see Africa through the lens of its own creators — bold, unfiltered, and rich in truth. I am proud to be a part of this momentous step toward a more inclusive global film industry.”

Boris Kodjoe, award winning actor and Managing Partner of FC Media Group, stated:  “It has been a long-term dream of mine to be able to tell stories on a global scale. I am grateful and excited to partner with our friends at Afreximbank and FEDA in order to support quality content development and creation in Africa and beyond.”

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