The African Export-Import Bank (Afreximbank) reiterated its commitment to supporting Africa’s creative industries, with plans for a $1 billion Africa Film Fund under its Creative Africa Nexus (CANEX) program, first proposed in 2022.
While no formal announcement confirms the fund’s launch in 2025, Afreximbank’s ongoing discussions with stakeholders, including filmmakers and investors, aim to establish the initiative by 2026. The fund seeks to address financing gaps in Africa’s film industry, projected to generate $20 billion annually by 2030, amid growing global demand for African content.
The proposed fund will provide loans, grants, and equity investments for film production, distribution, and infrastructure, such as studios and cinemas. Africa’s film industry, led by Nigeria’s Nollywood, produces over 2,500 films yearly but faces challenges like piracy, which costs $2 billion annually, and limited access to capital. Afreximbank has already supported projects like a $600 million loan for Nigeria’s film village in Epe and $25 million for Kenya’s creative sector. The fund aims to create 500,000 jobs, targeting youth and women, and boost exports of African films to platforms like Netflix, which invested $175 million in African content since 2016.
Afreximbank’s broader CANEX program, launched in 2020, has committed $1.5 billion to creative sectors, including music and fashion, with events like the 2024 CANEX WKND in Algiers showcasing 200 filmmakers. The bank is partnering with the African Union and UNESCO to ensure the fund aligns with Agenda 2063’s cultural goals. Challenges include high interest rates on loans (up to 8%) and the need for capacity building in film financing. The initiative reflects Afreximbank’s vision to leverage Africa’s 1.4 billion-strong market and diaspora to drive economic growth through creative industries.