Africa’s creative sector is undergoing a transformational renaissance with the potential to rival — and possibly surpass — the oil and gas industry in economic value, according to Temwa Gondwe, Director of Intra-African Trade and Export Development (Creatives and Diaspora) at the African Export-Import Bank (Afreximbank).
In an exclusive interview, Gondwe detailed the Bank’s strategy to scale the continent’s burgeoning Africa’s creative industry economy through policy advocacy, finance, infrastructure, intellectual property (IP) protection, and diaspora engagement — all under the umbrella of Afreximbank’s Creative Africa Nexus (CANEX) initiative.
Gondwe boldly described the creative sector as “Africa’s invisible gold”, a term that underscores both its value and historical underutilisation. She stated that industries like film, music, fashion, sports, and digital content — all largely youth-driven and labour-intensive — offer scalable solutions to unemployment and inclusive growth challenges facing the continent.
“Nollywood is now the second-largest film industry globally by volume. Afrobeats is a global sound. Lagos fashion is trending in Paris. These aren’t anomalies. They are signals of a seismic shift,” Gondwe noted.
Afreximbank’s projections estimate that by 2040, the continent’s creative industries could generate over $20 billion annually and create upwards of 20 million jobs, many in informal or digital formats. The Bank believes that, with strategic investment and systemic support, the creative sector could significantly enhance Africa’s GDP and reduce dependence on resource-based revenues.
To back these ambitions, Afreximbank has rolled out a suite of funding instruments, including a $2 billion credit facility and the Africa Film Fund, a $1 billion vehicle aimed at accelerating high-impact film projects.
In addition, CANEX Creations Incorporated — a subsidiary under the Bank’s Fund for Export Development in Africa (FEDA) — has been launched to help creatives commercialise intellectual property via licensing, royalties, and equity investment.
“Traditional financiers still see creative assets as intangible risks,” Gondwe explained. “That’s why CANEX is not just about cash; it’s about ecosystem building — from legal frameworks and IP rights to export promotion and cross-border trade.”
Gondwe highlighted the untapped potential of Africa’s diaspora — particularly across the Caribbean, Europe, and the Americas — calling for a new model of “intra-African trade through identity.”
“Africans in Brazil, the UK, and the US consume and invest in African culture. We must structure this demand into formal trade routes and investment vehicles,” she said.
To this end, Afreximbank has established the Global Africa Gateway in New York and onboarded 13 Caribbean nations as official member states, ensuring broader participation in Africa’s development agenda. Diaspora bonds and equity financing into creative portfolio companies are also being explored.
Despite these advances, systemic challenges remain. Chief among them is IP protection and royalty fairness. African creators often earn less on platforms like YouTube and TikTok due to weak algorithms and reduced ad revenue in African markets. Gondwe stressed the need for “Africa-first” digital platforms with consumption models aligned with local income realities.
“Monthly subscriptions don’t fit well with daily earners. We need pay-as-you-go and mobile-friendly solutions that reflect African consumer behavior,” she said.
Looking ahead, Afreximbank is preparing to host over 5,000 creatives at the Creative Africa Nexus (CANEX) Summit during the Intra-African Trade Fair (IATF) 2025, scheduled for September in Algiers, Algeria. The summit will showcase over 200 exhibitors in fashion, music, film, and digital arts, and is projected to generate multi-million-dollar deals.
“This is not just a trade fair; it’s a platform to shape Africa’s future — economically, culturally, and socially,” Gondwe affirmed.
Gondwe urged policymakers, financiers, and investors to shed outdated perceptions of the creative sector as mere entertainment. “This is a strategic engine for industrialisation. With the right mindset and systems, Africa’s creatives won’t just entertain the world—they’ll power its next economic miracle.”