By Suara Sherif
The African Export-Import Bank is targeting creative industry deals exceeding $540m at the Creative Africa Nexus Weekend 2026 in Lagos, as it seeks to close the gap between Africa’s cultural influence and its financial returns.
Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, announced the target during the opening ceremony of the four-day event, expressing confidence that transactions concluded in Lagos will surpass those recorded at previous gatherings. “Lagos has to be several multiples of 540,” he said. “So let Lagos set the mark, and I’m sure that mark will be hard to catch up elsewhere.”
Hosted by the Federal Government and organised by Afreximbank, the event runs from November 5 to 8 under the theme “One People, United in Culture, Creating for the World.” It features a Deal Room and Creative Pitch Sessions designed to connect entrepreneurs directly with financiers across film, television, music, fashion, sport, publishing and visual arts.
Elombi framed the initiative as a corrective to a longstanding imbalance in which African creators achieve international recognition but receive a disproportionately small share of the financial returns. Citing estimates attributed to the United Nations Economic Commission for Africa, he valued the continent’s creative economy at roughly $60bn, representing just two per cent of the global creative industry. “Too often, the African creators make the hits, and someone else makes the money,” he said.
He identified foreign control of distribution networks, branding platforms and intellectual property catalogues as major obstacles preventing creators from retaining earnings. “Our talent is global, but our share of the value is not,” he noted, warning that digital algorithms increasingly dictate which African works reach international audiences, while artificial intelligence threatens creators through unauthorised reproduction.
To address this, Afreximbank has progressively increased its creative industry financing commitment from an initial $500m to $1bn, before raising it to $2bn in 2024. The bank has also established a Pan-African Film Fund and invested in recording studios, fashion manufacturing and entertainment venues.
Elombi argued that financing production alone will not resolve the structural imbalance unless African businesses also control distribution and marketing. “We must therefore focus on building a creative ecosystem, focusing not just on the idea generation… but on value capture,” he said.
He urged governments to protect cultural budgets during fiscal pressure and called for intellectual property to receive greater recognition as collateral, citing Nigeria’s Secured Transactions in Movable Assets Act of 2017. “The right that is not on record cannot be financed. And the royalty no one can audit cannot be priced,” he warned.
Looking ahead to the Intra-African Trade Fair scheduled for Lagos in 2027, Elombi pledged the bank’s continued backing. “Afreximbank will not stand as a spectator at Africa’s cultural renaissance. Afreximbank will be the banker of Africa’s creative industry.”
