Afreximbank targets over $540m deals at Lagos CANEX

The African Export-Import Bank has set its sights on securing creative industry deals exceeding $540m at the Creative Africa Nexus Weekend 2026 in Lagos, as it seeks to expand financing for African music, film, fashion and other cultural businesses.

The President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, disclosed this on Thursday during the opening ceremony of the four-day event, expressing confidence that transactions concluded in Lagos would surpass those recorded at the previous gathering.

Referring to the 540m, he added, “Lagos has to be several multiples of 540. So let Lagos set the mark, and I’m sure that mark will be hard to catch up elsewhere.”

The event, hosted by the Federal Government and organised by Afreximbank, runs from November 5 to 8 under the theme, “One People, United in Culture, Creating for the World.”

According to a statement issued by the bank during the event, the CANEX Deal Room and Creative Pitch Sessions will connect entrepreneurs directly with financiers and investors seeking opportunities across film, television, music, fashion, sport, publishing, gastronomy, visual arts and creative infrastructure.

The statement explained that the Creative Economy Finance Summit, organised in partnership with the Creative Economy Practice at Co-Creation Hub, would examine how creative industry transactions could be structured, financed and de-risked.

Elombi said the initiative was intended to address a longstanding imbalance in which African creators achieved international recognition but received a disproportionately small share of the financial returns.

Citing estimates attributed to the United Nations Economic Commission for Africa, he valued Africa’s creative economy at approximately $`60bn, representing only two per cent of the global creative industry.

“So too often, the African creators make the hits, and someone else makes the money,” he lamented.

He identified foreign control of distribution networks, branding, marketing platforms, intellectual property rights and content catalogues as major obstacles preventing African creators from retaining more earnings.

“Our talent is global, but our share of the value is not,” he said.

Elombi also warned that digital algorithms increasingly determined which African songs and films reached international audiences, while artificial intelligence threatened creators through the unauthorised reproduction of their works.

He argued that financing production alone would not resolve the problem unless African businesses also controlled distribution, marketing and other profitable activities along the creative value chain.

“We must therefore focus on building a creative ecosystem, focusing not just on the idea generation, on the creation of the concept and the production, but on value capture,” he stated.

The bank president disclosed that Afreximbank had progressively increased its creative industry financing commitment from an initial $500m to $1bn, before raising it to `$2bn in 2024.

The accompanying statement confirmed that the expansion was intended to help African creators build scalable businesses, strengthen intellectual property ownership and retain more economic value.

Elombi said the bank had also established a Pan-African Film Fund to support production and distribution, alongside investments in recording studios, fashion manufacturing, entertainment venues and creative infrastructure.

Through CANEX Creations Inc., the institution has additionally invested in African intellectual property, including film projects and music catalogues.

The statement disclosed that the programme would feature discussions on intellectual property investment, artificial intelligence and digital tools, alongside a CANEX CreaThon organised with technology company Gebeya and supported by a $50,000 prize pool.

Elombi urged African governments to protect cultural budgets during periods of fiscal pressure, warning that funding reductions could undermine employment creation and economic opportunities.

He also called for intellectual property to receive greater recognition as collateral, citing Nigeria’s Secured Transactions in Movable Assets Act of 2017.

According to him, linking collateral registries with copyright and trademark databases under the African Continental Free Trade Area would enable creators to access financing across national borders.

“The right that is not on record cannot be financed. And the royalty no one can audit cannot be priced,” he warned.

He encouraged financial institutions to consider lending against royalties while advising creators to register their intellectual property and maintain reliable earnings records.

Looking ahead to the Intra-African Trade Fair scheduled for Lagos in 2027, Elombi said Afreximbank would assess the contracts signed, studios established, intellectual property acquired and livelihoods created through the current gathering.

“Afreximbank will not stand as a spectator at Africa’s cultural renaissance. Afreximbank will be the banker of Africa’s creative industry,” he pledged.