The Creative and Cultural Industries (CCIs) as drivers of both economic growth and cultural engagement primarily generate income through the trade and commercialisation of intellectual property rights, whilst creating new jobs in higher-skilled occupations, particularly for small and medium-sized enterprises.

With advancements in technology, especially the digital and streaming revolutions, creative and knowledge-based industries have become leaders in disruption and innovation, emerging amongst the most dynamic sectors in the global economy. In addition to its economic benefits, cultural and creative industries generate non-monetary value that can contribute significantly to achieving people-centred, inclusive, and sustainable development.

However, despite being among the most rapidly growing sectors, CCIs and their linkages to the rest of the economy have largely been overlooked in Africa, resulting in the dominance of informal players and the emergence of unstructured markets. Some of the constraints to the growth and development of Africa’s CCI’s include limited capital, due largely to perceived risks associated with the sectors; knowledge gaps, especially in specialised areas, e.g. film production; incomplete value chains; limited linkages into high-value demand hubs; and unfavourable regulatory environment. 

Afreximbank, having recognized the relevance and opportunities provided by the creative economy as a key driver for development and job creation, established the Creative Africa Nexus programme (CANEX) to support the development of Africa’s Creative and Cultural Industries and address some of the challenges faced by this economy, through the provision of access to finance, capacity building, trade, investment and export promotion, access to new market opportunities, digital solutions, and policy advocacy to fast-track the scaling of Africa’s creative sectors within the global economy.