Afreximbank Says Africa Must Build Distribution and IP Systems to Capture $60 Billion Creative Economy

Africa’s creative economy needs stronger distribution networks, intellectual property protection and access to markets to retain more of the estimated $60 billion in value generated by the sector, Afreximbank President George Elombi said at the opening of Creative Africa Nexus (CANEX) WKND 2026 in Lagos.

Africa’s creative economy needs stronger distribution networks, intellectual property protection and access to markets to retain more of the estimated $60 billion in value generated by the sector, Afreximbank President George Elombi said at the opening of Creative Africa Nexus (CANEX) WKND 2026 in Lagos.

Elombi said increased financing for music, film and other creative productions would have limited impact unless African businesses also developed the infrastructure and commercial systems needed to control and capture more value from their work.

We can put these financing schemes into music and movie productions. Yet the value we derive will still be low. We must therefore focus on building the creative ecosystem,” he said.

The Scale of the Gap

Africa’s creative economy is valued at about $60 billion, representing around 2% of the global creative industry, according to estimates from the United Nations Economic Commission for Africa cited by Elombi.

He identified distribution, branding, marketing platforms and intellectual property ownership as areas requiring greater investment if African creators are to earn more from their work.

The logic is straightforward: a hit song or film generates revenue at every stage of its journey to an audience — recording, licensing, streaming, broadcast, merchandising and live performance. Where Africans own the master rights but not the distribution or licensing infrastructure, the largest share of that revenue is captured elsewhere.

Afreximbank’s $2 Billion Commitment

Afreximbank has committed $2 billion through 2027 to support the continent’s creative and cultural industries, reflecting efforts to expand financing for a sector with growing commercial potential.

The funding push comes as African governments seek to turn the global popularity of the continent’s music, film, fashion and other cultural products into sustainable businesses and jobs.

Nigeria’s Vice President: From Applause to Contracts

Opening the four-day gathering on behalf of President Bola Ahmed Tinubu, Nigeria’s Vice President Kashim Shettima said Africa must move beyond cultural recognition to building commercially competitive creative enterprises.

In 1977, we came to celebrate our culture. In 2026, we come to capitalise on it. We come to turn the world’s applause into contracts, its admiration into markets, and the talent of our young people into enduring wealth,” he said.

Shettima also called for easier access to African markets for creators and creative businesses.

We cannot continue to celebrate African creativity while making it difficult for African creators to access African markets,” he said.

That remark points to a persistent contradiction: African music and film travel globally with ease, yet African creators often face visa restrictions, payment barriers, fragmented licensing regimes and expensive intra-African logistics when trying to monetise their work across the continent itself.

Nigeria’s iDICE and IP Reforms

Nigeria is seeking to strengthen investment in the sector through its Investment in Digital and Creative Enterprises programme, known as iDICE, which is unlocking more than $600 million in financing for digital and creative businesses.

Industry, Trade and Investment Minister Jumoke Oduwole said proposed transactions worth more than $500 million were already under discussion between Nigerian entrepreneurs, buyers and investors in deal rooms co-curated with Afreximbank during CANEX.

“We promised to bring buyers and investors here. Today, Nigerian creatives are negotiating with them in Lagos. Our ambition is a deal for every part of the creative economy, from sports and gaming to creative technology and infrastructure, the arts and gastronomy,” Oduwole said.

Nigeria has also introduced its first National Intellectual Property Policy and Strategy, approved in 2025, and launched a Creative Sector Investment Playbook in January 2026 to guide investment in studios, content production and distribution.

The country, alongside Kenya and South Africa, is also a co-champion of the African Continental Free Trade Area Protocol on Digital Trade, an initiative aimed at supporting cross-border digital commerce.

The CANEX Track Record

The previous CANEX WKND gathering in Algiers in 2024 attracted participants from 81 countries and facilitated more than $540 million in trade and investment deals, providing a measure of the commercial activity the platform seeks to generate.

CANEX WKND 2026 is expected to bring together more than 15,000 delegates from governments, financial institutions, investment firms and creative businesses across Africa, the Caribbean and the wider diaspora.

The programme includes a deal room, a creative economy finance summit and initiatives covering film, television, music, fashion, sports, literature, gastronomy, visual arts and technology.

Quick Facts

Afreximbank has committed $2 billion through 2027** to Africa’s creative and cultural industries, and its President **George Elombi** used the opening of **CANEX WKND 2026 in Lagos** to argue that financing alone will not raise returns without investment in distribution, branding and intellectual property ownership. Africa’s creative economy is valued at roughly **$60 billion, or about 2% of the global creative industry, according to UNECA estimates.

Nigeria’s iDICE programme is unlocking more than $600 million** for digital and creative businesses, and **Industry, Trade and Investment Minister Jumoke Oduwole** said over **$500 million in proposed transactions were already under discussion in CANEX deal rooms. Nigeria approved its first National Intellectual Property Policy and Strategy in 2025 and launched a Creative Sector Investment Playbook in January 2026.

The 2024 CANEX WKND in Algiers drew participants from 81 countries and facilitated more than $540 million in deals, while the 2026 edition expects over 15,000 delegates. Vice President Kashim Shettima framed the shift bluntly: from celebrating culture in 1977 to capitalising on it in 2026.

Source: Accra Street Journal

Last Updated on November 8, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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