Africa’s creative and cultural industries took center stage at the Creative Africa Nexus (CANEX) Summit in Algiers, where continental leaders called for enhanced infrastructure and financing to unlock the sector’s estimated $50 billion economic potential.
The CANEX initiative was officially launched at the Intra-African Trade Fair (IATF) 2025 in Algiers, Algeria, marking the largest gathering of African creatives and diaspora communities focused on transforming cultural assets into economic opportunities.
Continental leaders emphasized the strategic importance of creative industries in Africa’s development trajectory. AfCFTA Secretary General Wamkele Mene described creative industries as essential to achieving industrial development objectives through innovation and competitiveness.
African Union Commissioner for Health, Humanitarian Affairs and Social Development Amma Twum-Amoah highlighted the sector’s evolution from peripheral to central in Africa’s development agenda. She emphasized how African creators are reshaping global narratives and redefining African identity in the 21st century.
The economic significance extends beyond cultural value, with creative industries including music, film, fashion, visual arts, and digital content generating substantial employment across the continent. Leaders stressed these sectors’ role in strengthening unity and inspiring future generations while transforming national economies.
Intra-African trade reached $220.3 billion in 2024, representing a 12.4% increase from 2023, according to Afreximbank’s African Trade Report 2025, demonstrating growing momentum in continental commerce that creative industries can leverage.
Afreximbank Executive Vice President Kanayo Awani announced the launch of CANEX Creations Incorporated, a specialized vehicle designed to monetize African intellectual property through equity and venture capital investments. This initiative addresses traditional financing challenges faced by creative businesses with non-linear revenue cycles and intangible assets.
The financing innovation responds to the unique characteristics of creative enterprises that often struggle with conventional debt models. Awani described the creative economy as a “new mainstream of global commerce” increasingly driven by digital tools and artificial intelligence.
CANEX at IATF convenes creative professionals across diverse industries from film, music, and fashion to culinary arts, sports, and visual arts, facilitating business matchmaking and investment opportunities within the rapidly expanding creative economy.
The summit forms part of IATF2025, hosted by Algeria and co-organized by Afreximbank, the African Union Commission, and the AfCFTA Secretariat. The trade fair expects to attract over 1,600 exhibitors and 35,000 visitors, generating trade and investment deals exceeding previous editions.
Previous IATF editions have generated $118 billion in concluded trade and investment deals, establishing the platform as Africa’s premier commercial gathering. IATF2025 aims to harness opportunities within the AfCFTA’s single market of 1.4 billion people and combined GDP of $3.5 trillion.
The creative industries showcase represents a strategic shift toward positioning culture and creativity as drivers of trade-led growth across Africa. This approach aligns with continental integration objectives under the African Continental Free Trade Area framework.
Industry leaders emphasized the need for strong national policies supporting creators and opening markets to realize the sector’s full potential. Policy reforms addressing intellectual property protection, digital infrastructure, and cross-border creative trade remain critical priorities.
The CANEX platform aims to become a cornerstone of Africa’s cultural and economic future by creating spaces where creativity meets commerce. Long-term growth strategies focus on enhancing global influence while strengthening intra-African creative collaborations.
Digital transformation and artificial intelligence integration present new opportunities for African creative industries to access global markets and monetize intellectual property more effectively. These technological advances could significantly expand the sector’s economic contribution.
CANEX is redefining how Africa trades, collaborates, and tells its stories, positioning the platform for long-term growth and global influence in the continental creative economy.
The summit’s outcomes could influence policy frameworks across African Union member states, potentially catalyzing increased government investment in creative industry development and export promotion initiatives.
Source: newsghana.com.gh
