By Chibuzor Alli
Nigeria is seeking to turn its growing influence in music, film and other creative industries into greater economic returns for local businesses and creators, as the Federal Government steps up efforts to attract investment and expand the country’s share of the global creative economy.
The push comes amid concerns that despite Africa’s growing cultural influence worldwide, much of the financial value generated by its creative products is captured outside the continent.
President of Afreximbank, George Elombi, highlighted the imbalance at the opening ceremony of the bank’s CANEX Weekend 2026 in Lagos, estimating Africa’s creative economy at about $60bn, representing only two per cent of the global creative industry.
“Too often, the African creators make the hits, and someone else makes the money,” Elombi said.
He attributed the problem to foreign control of critical parts of the creative business, including distribution platforms, branding, marketing, music catalogues and intellectual property ownership.
According to him, investing in content production alone would not deliver the full economic benefits of Africa’s creative potential without corresponding investments across the entire value chain.
He called for greater financing of distribution, logistics, marketing, branding and intellectual property management, stressing that African creators must retain ownership of the commercial rights to their work.
“The right that is not owned cannot be financed, and the royalties no one can audit cannot be priced,” he said.
Elombi disclosed that Afreximbank had raised its financing commitment to the creative economy to $2bn after earlier allocations proved inadequate for the sector’s growing needs.
He also announced the bank’s support for creative infrastructure and the launch of the Pan-African Film Fund to finance film production and distribution.
Against this backdrop, Vice-President Kashim Shettima said Nigeria was working to strengthen its creative industry through improved intellectual property protection, collaboration among government ministries and wider access to opportunities for industry operators.
Speaking at the event, Shettima described CANEX as an opportunity for Nigeria and other African countries to strengthen their position in international creative markets.
He urged African governments and businesses to break geographical and economic barriers through stronger cooperation, exchange of ideas and cross-border trade.
Shettima said the continent needed to build on its cultural heritage, talents and creative potential to compete more effectively in the global marketplace.
Minister of Industry, Trade and Investment, Jumoke Oduwole, said the government’s participation in CANEX was part of a wider strategy to attract investment and ensure that more of the financial benefits generated by Nigeria’s creative industry remained within the country.
She noted that Nigerian musicians and filmmakers had gained international recognition over the past two decades, but argued that the industry needed stronger commercial structures to enable creators and investors to benefit from its growing success.
Oduwole cited the investment in Mavin Records by Kupanda Capital and TPG Group in 2019, followed by Universal Music Group’s acquisition of a majority stake five years later, as an example of how institutional investment could create financial opportunities in the sector.
She said the transactions demonstrated the investment potential of Nigeria’s creative industry, adding that the country needed more such opportunities that would allow local creators to retain a greater share of the profits.
“Yet, we need more of that profit to stay in the hands of more of our creatives right here at home,” she said.
To improve the investment environment, Oduwole highlighted several government initiatives, including Nigeria’s appointment in February 2025 as co-champion of the African Continental Free Trade Area Protocol on Digital Trade.
She explained that the framework would support cross-border transactions in creative services, including music licensing, film distribution and production services provided by Nigerian studios to clients across Africa.
The minister also disclosed that the Federal Executive Council approved Nigeria’s first National Intellectual Property Policy and Strategy in November 2025 to strengthen creators’ ability to protect their work and generate income from their intellectual property.
Another initiative is the Creative Sector Investment Playbook, unveiled by the government at the World Economic Forum in Davos in January 2026 to guide investors on opportunities within the industry.
Oduwole further said the government was unlocking more than $600m in financing for digital and creative enterprises through the Investment in Digital and Creative Enterprises (iDICE) programme.
She added that hosting CANEX in Lagos was intended to attract international attention and investment into Nigeria’s creative industry, particularly in technology, infrastructure and enterprise development.
Beyond financing, Elombi urged African governments not to reduce cultural and creative industry budgets during periods of economic pressure, warning that doing so could undermine the sector’s long-term growth.
He also encouraged creators to register their intellectual property and maintain verifiable records of their earnings to improve their access to financing.
Afreximbank, he said, would continue to support creative businesses and infrastructure across the continent, positioning the bank as both a financial partner and advocate for Africa’s creative economy.
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