Africa’s creative community is unlocking a new era of prosperity for Africa
As Africa seeks to harness the full potential of its creative industries, Afreximbank’s Creative Africa Nexus (CANEX) Weekend brings together artists, entrepreneurs, and leaders to foster prosperity across the continent.
A global gathering
Africa is at a pivotal point. With over 60% of its population under 25 and a wealth of cultural diversity, the continent is teeming with creativity. Yet, its share in the global creative economy remains disproportionately low, often in single digits. This gap represents a missed opportunity for economic growth, job creation, and global influence.
Afreximbank’s Creative Africa Nexus (CANEX) program was established to address this disparity, building an African creative industry that contributes meaningfully to the global market.
“At last we have found a formula that will unlock our collective aspirations,” says Professor Benedict Oramah, President of Afreximbank. “We want to break this age-old 1 - 3% that Africa always finds itself in.”
CANEX is a multifaceted platform dedicated to developing Africa’s creative industries through monetary investment, partnerships, and capacity-building. Launched in 2020, the program has grown rapidly, initially committing $500 million and later doubling to $1 billion in 2022. By offering infrastructure development, market access and financing solutions, the program provides tailored support across key creative sectors including film, music, fashion and sports.
Creating culture
The 2024 CANEX Weekend in Algiers, Algeria, was the latest gathering for Afreximbank’s flagship initiative. The four day event brought together nearly 4,000 attendees from 81 countries, including creatives, industry leaders, and policymakers. Under the theme “One People, United in Culture, Creating for the World,” the event showcased Africa’s creative industries through live performances, workshops, exhibitions, and networking opportunities.
“I work with mamas who do handcrafts like looming, crochet, and beadwork, carried on over generations. When people wear my clothes, it’s a piece of tradition they carry with them.”
Namnyak Odupoy Fashion designer
The CANEX Music Factory brought together hundreds of songwriters to create music with industry-leading producers. For one of those producers, Oscar “Oskido” Mdlongwa, a South African DJ, The Music Factory demonstrated the importance of unity through culture. “Creating culture is about all nations coming together as one village to share ideas and grow together,” he said.
Meanwhile, The CANEX Fashion Show – which later debuted at Paris Fashion Week, showcased ten innovative designers from across Africa and the diaspora. Designers like Namnyak Odupoy, who used this platform to feature looks that told stories of tradition and heritage. “I work with mamas who do handcrafts like looming, crochet, and beadwork, carried on over generations,” Odupoy explains. “When people wear my clothes, it’s a piece of tradition they carry with them.”
Fostering connection
Collaboration is another route to growth for Africa’s creative industries. By building networks, creatives can access new markets and further their cross-border impact.
“There is something so powerful when people who think alike come together.”
Natasha de Bourg Global chef and culinary influencer
CANEX facilitated these connections through the WKND Exhibition and Market, where regional brands could meet with international buyers and other businesses. Workshops and masterclasses across the weekend further encouraged collaboration and skill development.
One of these masterclasses was The Gastronomy Showcase, which united nine celebrity chefs from Africa and the Caribbean to showcase their culinary skills and celebrate African cuisine. Trinidad-born TV chef Natasha de Bourg spearheaded the showcase. “There is something so powerful when people who think alike come together,” says de Bourg. “For me, it's just like fireworks in my head because like, ‘Oh my God, this person thinks like me.’”
Building prosperity
In response to the growing needs of the creative industries, Afreximbank announced during CANEX 2024 that it would double its funding for the CANEX program from $1 billion to $2 billion over the next three years. By the time the weekend came to a close, the second edition of CANEX had facilitated deals totalling USD $540 million. Chief among these were a $245 million pan-African sports broadcasting agreement, and a $3 million facility at Mediwood studios to expand the Tunisian film industry.
“We have built innovative, tailored instruments to provide access to finance for creatives from the bank.”
Kanayo Awani Executive Vice-President at Afreximbank
“We have built innovative, tailored instruments to provide access to finance for creatives from the bank,” says Kanayo Awani, Executive Vice-President at Afreximbank. These efforts include establishing CANEX Creations Incorporated to help creatives commercialize their work and retain ownership.
For de Bourg, Afreximbank’s support has been transformative. Coming from humble beginnings, she has achieved international recognition but emphasizes the need for investment. “You could be the best chef, but without opportunity, then perhaps I would still be that girl in the countryside,” she says.
Lasting impact
As Africa continues on its development path, the creative industries offer a unique opportunity to drive inclusive growth. The challenges are real, but with institutions like Afreximbank leading the way, the future looks promising.
The success of the CANEX Weekend proves what can be achieved. By providing financial support, facilitating market access, and helping to harmonize intellectual property laws across the continent, Afreximbank is laying the groundwork for a thriving creative economy that can significantly contribute to the continent and diaspora’s growth.
Lasting impact
As Africa continues on its development path, the creative industries offer a unique opportunity to drive inclusive growth. The challenges are real, but with institutions like Afreximbank leading the way, the future looks promising.
The success of the CANEX Weekend proves what can be achieved. By providing financial support, facilitating market access, and helping to harmonize intellectual property laws across the continent, Afreximbank is laying the groundwork for a thriving creative economy that can significantly contribute to the continent and diaspora’s growth.
