The African Export-Import Bank (Afreximbank) has announced $118 million to support Nigeria's creative economy, TechCabal reported. The package aims to help local businesses expand production, protect intellectual property and compete in international markets. The bank made the announcement at the Creative Africa Nexus (CANEX) WKND 2026 in Lagos.
The money comes in three parts. The largest is a $75 million facility involving Afreximbank and the Development Bank of Nigeria. A second part is a $30 million financing arrangement. The third is a $13 million grant involving the Nigerian Export-Import Bank, the Small and Medium Enterprises Development Agency of Nigeria and Afreximbank. Afreximbank organised the event through its Creative Africa Nexus programme. Nigeria's Federal Government hosted it with the African Union Commission and the AfCFTA Secretariat.
Speakers said the sector does not lack talent. It lacks a system that can turn ideas into businesses that grow. Nathalie Kouassi Akon, an IFC Advisors' division director based in Accra, said lenders need to understand creative businesses better. Conventional lenders usually want physical collateral. Creative firms hold their value in music catalogues, film rights, licensing and design portfolios. Nobel laureate Professor Wole Soyinka stressed the link between creative vision and financing.
Ben Murray-Bruce, founder of media company Silverbird Group, called on governments to reserve a share of lending for the sector. "Two and a half per cent of all loans in your country must go to the creative sector," he said. TechCabal noted that this was a proposal, not an existing rule. He also urged creatives to run for office.
Rwanda's Minister of State for Youth and Arts, Sandrine Umutoni, said governments must turn pledges on continental integration into daily practice at borders. She said officials who process arrivals and clear goods need to understand why movement between African countries matters. "Some of those barriers [are] just the mindset," she said.
Her remarks pointed to problems money cannot fix. A performer can secure funding for a tour and still be held up at a border. A designer can find a buyer abroad and still struggle to ship products. TechCabal noted that the impact of the Afreximbank package will depend on how well the money reaches businesses. It will also depend on whether those businesses can trade beyond Nigeria's domestic market.