The CANEX WKND 2026, currently taking place in Lagos, Nigeria, emphasizes the need for greater investment in Africa’s creative economy. Hosted by the Federal Government of Nigeria and organized by the African Export-Import Bank (Afreximbank) through its Creative Africa Nexus (CANEX) programme, the event runs from November 6 to 8 and is themed “One People, United in Culture, Creating for the World.”
The four-day agenda covers various sectors including film and television, music, fashion, literature, gastronomy, and visual arts, focusing on topics such as financing, intellectual property, technology, skills development, and international market access.
During the opening ceremony, Nigeria’s Vice-President Kashim Shettima, speaking on behalf of President Bola Ahmed Tinubu, urged African governments and investors to transform the continent’s cultural influence into tangible business opportunities. “Creativity is now a trade sector, and we intend to treat it as one,” he stated, calling for improved market access for creative businesses in Africa.
Shettima recalled the 1977 Festival of Arts and Culture (FESTAC) held at the same venue, stressing that the current gathering aims to leverage Africa’s cultural heritage for economic gain. He emphasized, “In 2026, we come to capitalize on it,” indicating a focus on transforming global admiration for African culture into contracts and sustainable wealth.
Afreximbank announced a significant financing commitment of $2 billion for the continent’s creative industries from 2024 to 2027, a substantial increase from the previous $500 million pledged. Afreximbank President Dr. George Elombi highlighted the importance of investing not just in individual creative projects but also in the broader industry infrastructure, essential for enabling creators to retain earning potential.
The bank’s financing initiatives aim to address the estimated $60 billion value of Africa’s creative economy, which currently represents about 2% of the global market. Elombi pointed out critical areas needing investment, such as distribution networks and marketing platforms, to ensure that African businesses maintain revenue from their creations.
Afreximbank also revealed financing arrangements totaling $118 million designated for supporting Nigeria’s creative sector. This includes a $75 million facility with the Development Bank of Nigeria and additional funds from partnerships involving the Nigerian Export-Import Bank and other agencies aimed at improving competitiveness and production capabilities.
Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, reported ongoing discussions for transactions exceeding $500 million between Nigerian entrepreneurs and potential investors during the event. Government initiatives, such as the National Intellectual Property Policy and Strategy and the Creative Sector Investment Playbook, aim to enhance the investment climate for creative industries.
Filmmaker Funke Akindele emphasized the need for more cinemas and production studios to boost the distribution and revenue potential of local films. She advocated for better infrastructure to support not only filmmaking but also the professional development of emerging creatives.
The event program includes a variety of activities aimed at connecting creative businesses with investors, including the Creative Economy Finance Summit, CANEX Deal Room, and various workshops and showcases. Prominent figures from the creative sector, including Nobel Laureate Wole Soyinka and musician Davido, are attending and participating.
CANEX WKND 2026 aims to address the structural challenges facing Africa’s creative industries and will conclude on November 8 with cultural events, including a Legends Football Match.
