$5B potential investment in Africa’s creative industries: Afreximbank EVP

CAIRO - 9 November 2023: The Executive Vice President of Intra-African Trade Bank at the African Export-Import Bank (AFREXIMBANK), Kanayo Awani, highlighted a $5 billion potential investment in creative industries, creating 20 million job opportunities across the continent.

Awani elaborated that Africa is rich with creativity, from the tales of the desert nights to the stories of the coast.

Speaking at the opening of the intra-African trade exhibition in Cairo, she emphasized the significance of the Creative Africa Nexus “CANEX” in exploring fresh prospects for African brands and creative industries, underlining the profitability that creativity can generate.

She pointed to the existing challenges such as financing difficulties, intellectual property issues, digital communication gaps, and infrastructure limitations, emphasizing the importance of cooperation between governments and the private sector.

In addition, she underscored the role of the CANEX program in establishing a unified definition of the creative economy, showcasing African talent globally, and prioritizing skills development, entrepreneurship, and investment in creativity.

The Creative African Nexus program, as articulated by Kanayo Awani, serves as a dynamic space for creators of diverse backgrounds to collaborate and craft exceptional content. It acts as a bridge, connecting local and international audiences and instilling a sense of pride and celebration of African creativity.

In line with these efforts, Awani announced the forthcoming launch of a joint financing fund for African filmmakers, directors, and producers, both within the continent and in diaspora countries, during 2024. This initiative aims to support the continent’s film industry, empowering it to achieve a prominent global presence.

Moreover, Awani highlighted the bank’s previous support for short filmmakers, whose works will be showcased during the exhibition. Additionally, prizes will be awarded to the winners of the showcased films, further solidifying the bank’s commitment to fostering creativity and talent.