LAGOS, Nigeria – African Export-Import Bank (Afreximbank) is targeting at least US$1 billion in investment commitments at CANEX WKND 2026 in Lagos. The initiative aims to turn Africa’s growing creative influence into stronger businesses, jobs and international trade opportunities.
The four-day event, which opened on 5 November, brings together investors, filmmakers, musicians, fashion designers and other creative entrepreneurs. Nigeria is hosting the gathering in partnership with Afreximbank, the African Union Commission and the African Continental Free Trade Area Secretariat.
Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African Trade and Export Development, announced the investment target during the event. She said the bank expects Lagos to surpass the approximately $540 million in transactions facilitated at the previous CANEX gathering in Algeria in 2024.
Afreximbank has already signed two cooperation agreements worth approximately $100 million during the Lagos event. However, the $1 billion target remains an expectation rather than confirmed investment.
The bank has also increased its broader financing commitment to Africa’s creative and cultural industries to $2 billion. This funding ambition covers film, music, fashion, literature, sports, gastronomy and other creative businesses.
The investment drive comes as African entertainment continues attracting international audiences. Nigerian Afrobeats, African cinema and fashion brands have expanded their global presence, creating opportunities beyond traditional cultural markets.
However, many creative entrepreneurs still struggle to access affordable financing. Banks often hesitate to fund businesses whose main assets include copyrights, music catalogues, films and other intellectual property.
Afreximbank wants to address these barriers through financing, business development and international market access. Its CANEX programme also connects African creators with investors, distributors and potential commercial partners.
Awani highlighted the bank’s support for approximately 200 fashion designers from Africa and the Caribbean. Some have secured opportunities with international retailers after participating in exhibitions and business development programmes.
The International Finance Corporation has also increased its involvement in the sector. Its West Africa director, Natalie Koussi Akon, said the institution had channelled $1.6 billion into creative industries over five years.
Beyond financing, discussions in Lagos have focused on copyright protection, piracy and cross-border trade. Participants have called for stronger policies to help African creators retain ownership and earn more from their work.
The gathering also connects African businesses with diaspora markets, including the Caribbean. These partnerships could create new distribution channels for music, fashion, film and other cultural products.
Nigeria’s hosting of CANEX reinforces its position as a major centre for African entertainment and creative entrepreneurship. It also highlights the growing recognition of culture as an economic industry rather than entertainment alone.
The success of the investment drive will depend on how many commitments become funded projects and sustainable businesses. Afreximbank’s wider ambition is to help African creators retain more value from the global demand for their work.
