NIGERIA · CREATIVE ECONOMY
Key Facts
- The target An Afreximbank executive expects about US$1 billion in deals, against about US$540 million in 2024.
- The event CANEX WKND 2026 runs in Lagos from Thursday 5 to Sunday 8 November at the old National Theatre.
- The money Afreximbank says its commitment to creative industries has grown from US$500 million in 2020 to US$2 billion.
- The government Nigeria’s government says it is unlocking more than US$600 million in financing for digital and creative firms.
- The sectors Film, music, fashion, sport, literature, gastronomy and visual arts are all on the programme.
Afreximbank creative deals are expected to reach about US$1 billion at its Lagos festival this week, a senior executive of the African Export-Import Bank said. Kanayo Awani told the CANEX summit in Lagos that the 2024 edition, held in Algiers, produced deals worth about US$540 million.
The Creative Africa Nexus Weekend (CANEX WKND) opened on Thursday 5 November 2026 and runs to Sunday. Nigeria’s government hosts the event, and Afreximbank organises it.
What Afreximbank Said in Lagos
Awani is Afreximbank’s executive vice president for intra-African trade and export development. She described the bank’s approximately US$2 billion financing commitment to Africa’s creative and cultural industries.
The commitment covers seven areas: film, music, fashion, literature, visual arts, gastronomy and sport. Awani said the bank has backed about 200 fashion designers from Africa and the Caribbean, shown in Paris, New York, London and Istanbul.
How the Creative Fund Grew
Afreximbank says its commitment began at US$500 million in 2020. It later doubled to US$1 billion and then rose to US$2 billion, running through 2027.
The 2026 programme includes the CANEX Deal Room, where creators meet investors, and a CreaThon with a US$50,000 prize fund. A closing concert on Sunday brings artists together from across Africa and the diaspora.
Why Creators Say Money Is Not Enough
George Elombi, Afreximbank’s president, said the UN Economic Commission for Africa puts the creative economy at about US$60 billion, around 2% of the global industry. He said production finance alone is not enough, and Africa must also strengthen ownership and value capture.
The International Finance Corporation, the private-sector arm of the World Bank Group, says it has put US$1.6 billion into creative industries over five years. Ben Murray-Bruce, founder of Silverbird Group, proposed a law requiring banks to lend 2.5% of their loans to the creative industry.
In Plain English, Who Is Who
Afreximbank is a pan-African bank that finances trade, and Kanayo Awani and George Elombi are two of its senior officials. The CANEX Deal Room is a meeting space where creators pitch to investors.
What It Means for You
For US readers, the event shows how Nigerian film, music and fashion are drawing dollar finance. Afrobeats and Nollywood already reach American audiences, so deals made in Lagos can affect what streams in the United States.
Investors in Africa’s creative sector can follow Afreximbank deals in Rio Times reports on the bank’s profit and on a new Africa energy bank. Elombi told the opening that finance alone is not enough without stronger ownership.
What Is Not Known
The final value of deals signed at the festival is not known. Afreximbank can give the total when CANEX WKND closes on Sunday 8 November.
It is not known how much of Nigeria’s US$600 million in financing has been paid out so far. The Bank of Industry, which runs the iDICE programme, can say how the money is released.
More: Africa news in English, every day from The Rio Times.
Frequently Asked Questions
What is Afreximbank targeting at CANEX WKND 2026?
Afreximbank executive Kanayo Awani said the bank expects about US$1 billion in deals from the Lagos event. The 2024 edition produced about US$540 million.
When and where is CANEX WKND 2026?
It runs from Thursday 5 to Sunday 8 November 2026 in Lagos, Nigeria. The venue is the Wole Soyinka Centre for Culture and Creative Arts, the former National Theatre in Iganmu.
How much has Afreximbank pledged to creative industries?
The bank says its commitment has grown from US$500 million in 2020 to US$2 billion. The commitment runs through 2027.
Who hosts the event?
The Federal Government of Nigeria hosts it, and Afreximbank organises it. The African Union Commission and the African Continental Free Trade Area Secretariat are partners.
Sources: Afreximbank, press release on the CANEX WKND 2026 opening, 6 November 2026; Afreximbank, remarks by Kanayo Awani at the CANEX summit, Lagos, 5 to 6 November 2026; Federal Government of Nigeria, opening remarks by the Minister of Industry, Trade and Investment, Lagos, 5 November 2026; Previous Rio Times coverage: Afreximbank Net Profit Rises 24% to US$813M, 27 October 2026; Previous Rio Times coverage: Africa Energy Bank Founded With US$5 Billion, 1 November 2026.
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