Afreximbank Offers $500m to Support Africa Creative Industry

Emma Okonji

The President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, at the weekend, announced a $500 million support for the production and trade of African cultural and creative products over the next two years.

Known as the Creative Africa Exchange Weekend (CAX WKND), which is Africa’s first continental event dedicated to promoting exchange within the creative and cultural industry, the initiative is expected to attract support for the African cultural and creative industry.

Oramah, told guests in Kigali, that the funds, which would build on what the Bank was already doing, would be accessible as lines of credit to banks, direct financing to operators and as guarantees.

He said the creative economy was increasingly recognised as a significant sector and meaningful contributor to Africa’s gross domestic product and that the cultural and creative industries catalysed economic growth by fostering more inclusive, connected and collaborative societies.

“Creative industries can be potent vehicles for more equitable, sustainable and inclusive growth strategies for African economies,” Oramah said.

He, however, noted that while Africa had a deep pool of talent, it lacked the infrastructure and capacity to commercialise its creative talent and reap the vast fortunes lying in wait.

“Because of underinvestment in the creative and cultural industries, Africa is largely absent in the global market of ideas, values and aesthetics as conveyed through music, theatre, literature, film and television.

“African countries import overwhelmingly more creative goods than they export or trade amongst themselves,” he added.

He commended Egypt’s, “astronomical growth in creative exports over the last decade” and the Nollywood industry’s increasing importance which had prompted the Nigerian government, in its Economic Recovery and Growth plan, to forecast export revenues of $1 billion from the industry by 2020.