IN a groundbreaking announcement at the 2023 CANEX Summit in Cairo, Kanayo Awani, Executive Vice President of Intra-African Trade Bank at Afreximbank, revealed plans for the establishment of a $1bn African Film Fund. This initiative, slated to launch in 2024, aims to provide vital support to the continent’s burgeoning film industry.
Awani outlined the fund’s objectives, which include overseeing film financing, collaborating with major studios, supporting African filmmakers, and financing film projects’ producers and directors across Africa. During her address, she highlighted that Afreximbank had increased its financing for the creative sector from $500 million to $1bn during CANEX WKND 2022. Currently, the bank has a robust pipeline of over $600 million invested in film, music, visual arts, fashion, and sports deals.
Notably, Awani shared that the bank’s recent foray into film financing has already seen success, with the premiere of the first funded film at the Toronto Film Festival. She anticipates more releases from Nigeria, South Africa, and Kenya on streaming platforms in 2024.
‘The very first film we financed recently premiered at the Toronto Film Festival,’ Awani said, adding, ‘The Bank has several in the pipeline from Nigeria, South Africa, and Kenya, which should be on streaming platforms in 2024.’
Despite the creative and audiovisual industries contributing $5bn to Africa’s GDP and employing five million people, challenges persist. Awani highlighted issues such as limited access to financing, copyright infringement, infrastructure gaps, and a shortage of skilled professionals. She emphasised the importance of overcoming these challenges to help African creative products gain exposure and access international markets.
Renowned actor Boris Kodjoe, of Ghanaian descent, added his perspective on Africa’s creative influence on global culture. He stressed the impact of Western exploitation of black creativity and the need to reshape Africa’s branding, overcoming stereotypes perpetuated by traditional media.
Kodjoe underlined the global demand for culturally specific content, asserting Africa’s pivotal role in meeting this demand. With Africa’s youthful population and high connectivity, he noted the investment by studios, networks, promoters, and brands in reaching diverse audiences. He predicted that by 2030, Africa could contribute up to 10 percent of global creative goods exports, amounting to about $200bn or four percent of the continent’s GDP.
Albert M. Muchanga, Commissioner for Trade and Industry of the African Union Commission, echoed the sentiment that Africa’s creative sector plays a vital role in inclusive growth and sustainable development. ‘I reaffirm my belief that the African creative industry has huge potential to be a source of employment and revenue to create the Africa we want – revenue from intra-African trade as well as revenue from the rest of the world.’
He urged African nations to convert the sector’s immense potential into tangible results and emphasised the need to invest in protecting intellectual property rights.
The CANEX Summit, an initiative by Afreximbank to support Africa and the African Diaspora’s creative and cultural industries, spans seven days. It aims to foster discussions, facilitate business-to-business and business-to-government opportunities, and includes events such as a fashion show and a CANEX Music Factory.
The Creative Africa Nexus (CANEX) programme, established by Afreximbank, seeks to nurture the growth of the creative and cultural industries in Africa and the diaspora. It provides various financing and non-financing instruments to support trade and investment in Africa’s creative sector.