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Andani.Africa celebrates Afreximbank’s $2bn investment in Africa’s creative economy
The creative economy has been a major driver of innovation, development and job creation in Africa and creatives are seizing the opportunity by harnessing their cultural diversity, technology and the global spotlight on their creativity and talent. Four years ago, African Export-Import Bank (Afreximbank) launched the Creative Africa Nexus (CANEX) Festival with the goal of showcasing Africa’s creative economy in music, fashion, film, arts and craft, as well as culinary arts and sport. With special emphasis on facilitating investment, trade and education into the creative sector, this gathering has been positioned as Africa’s largest creative gathering.
The most recent CANEX Festival took place from 16-19 October 2024 at the Intra-African Trade Fair in Algeria. Attendees, stakeholders and guests from creative hubs across Africa engaged in conversations that not only amplified the power and influence of the African voice, but also unpacked critical barriers such as digital skills gaps, infrastructural challenges and lack of funding that impede progress for African creatives.
Andani.Africa is a leading research agency with a specialist focus on the creative economy, and in our endeavour to offer insights that unlock pathways to engagement in the creative sector, we celebrate organisations that equip creatives across the continent with the necessary tools to commercialise their creativity and enable their participation in global markets.
In his notable opening keynote address, Prof. Benedict Oramah, the president and chairman of the board of directors of Afreximbank announced that for the next three years, the bank has allocated $2bn for the creative industries’ financing window which is aimed at supporting and targeting all aspects of the industry. Some of these key areas of support include: infrastructural investments, the development of manufacturing facilities and training centres across Africa.
Afreximbank’s “kept promise” to the creative industry is to be applauded because it reflects the institution’s impetus for bringing African brands and African ingenuity to the forefront and encouraging cross-sectoral collaborations within the industry, while recognising that advocacy for the arts requires specialised intervention and support across the value chain. Certainly, much is still to be realised and achieved in the advancement of Africa’s creative economy, but events such as CANEX will be essential in deconstructing stereotypes of Africa as consumers and not creators and further propelling our strength and vast potential.
Interested to explore untapped prospects that leverage creativity or seeking strategic advice on how best to engage this fascinating and vibrant creative sector? Email us at acirfa.inadna@olom, visit us at www.andani.africa and follow @andani.africa on all social media platforms.
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