Afreximbank commits $2bn to African creative industry, announces $118m Nigeria funding
The African Export-Import Bank (Afreximbank) has announced financing arrangements worth $118 million to support Nigeria’s creative economy, as part of efforts to help local businesses expand production, protect intellectual property and compete in international markets.
The agreements, announced at the Creative Africa Nexus (CANEX) WKND 2026 in Lagos, comprise a $75 million facility involving Afreximbank and the Development Bank of Nigeria (DBN), a $30 million financing arrangement and a $13 million grant involving the Nigerian Export-Import Bank (NEXIM), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Afreximbank.
President of Afreximbank, George Elombi, said African creators were generating globally successful cultural products but lacked sufficient control over distribution channels, marketing platforms, intellectual property and other commercial assets needed to maximise their earnings.
He said the continent must move beyond financing individual creative projects to building sustainable businesses capable of owning and commercialising their intellectual property. He disclosed that Afreximbank had increased its financing commitment to Africa’s creative industries from an initial $500 million to $2 billion for the 2024–2027 period.
Elombi challenged participants at the CANEX Deal Room to surpass the more than $540 million in deals facilitated at the 2024 edition in Algiers, Algeria, stressing the need to turn Africa’s creative potential into sustainable commercial opportunities.
The $118 million financing announcement was made as part of CANEX WKND 2026, hosted by the Federal Government and organised by Afreximbank under the theme, “One People, United in Culture, Creating for the World.” The gathering is designed to connect creative businesses with investors, financiers and international markets.
Also featuring at the event was the Investment in Digital and Creative Enterprises (iDICE) programme, a $617 million Federal Government initiative implemented by the Bank of Industry, with Afreximbank’s participation in the wider creative economy financing drive. The programme supports technology and creative businesses through funding, enterprise development, skills and infrastructure, and is participating as an official partner of the CANEX Deal Room.
The Deal Room is expected to bring investment-ready businesses and potential financiers together, with iDICE targeting 15 to 20 businesses and between 40 and 50 investor-enterprise meetings.
