Afreximbank commits $118 million to Nigeria’s creative economy
Afreximbank announced $118 million in financing for Nigerian creative businesses at the CANEX WKND 2026 event in Lagos. Speakers said border barriers and weak intellectual property protection could limit what the money achieves.
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…
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