FG moves to unlock $600m for creative businesses as CANEX opens

The Federal Government is stepping up efforts to attract investment into Nigeria’s digital and creative industries, with over $600 million in funding under the Investment in Digital and Creative Enterprises (IDICE) programme to support businesses in the sector.
The initiative was highlighted yesterday at the opening of the Creative Africa Nexus (CANEX) Weekend 2026 in Lagos, where the government outlined policy measures to improve access to finance, strengthen intellectual property protection and expand opportunities for Nigerian creative businesses.

Vice President Kashim Shettima, who represented President Bola Tinubu, said the funding commitments reflected a shift in how governments view the creative industry.
“Creativity is now a trade sector, and we intend to treat it as one,” he said at the Wole Soyinka Centre for Culture and Creative Arts, formerly the National Theatre, Iganmu.
Afreximbank President, Dr George Elombi, said the United Nations Economic Commission for Africa (ECA) valued the continent’s creative economy at $60 billion, representing only two per cent of the global market.
He said despite the international success of African creative talent, much of the value generated from their work was captured by foreign companies that controlled distribution platforms, catalogues, branding and marketing channels.
“Our talent is global, our share of the value, unfortunately, is only local,” he said.

Elombi said the bank increased its funding commitment to the sector from $500 million to $1 billion before raising it to $2 billion in 2024 in response to growing demand.
He said the funding would support production facilities, distribution, branding, marketing, logistics and intellectual property (IP) development.
The bank has also established the Pan-African Film Fund for Production and Distribution and is investing in African films, music catalogues and compositions through CANEX.
He urged creative professionals to register and protect their intellectual property, noting that properly documented rights could be valued and used as collateral to secure financing.

Elombi also called on African governments to increase investment in studios, performance venues and skills development, warning against cuts to cultural budgets during periods of economic difficulty.
Shettima said Afreximbank’s $2 billion commitment would run through 2027, adding that the 2024 CANEX edition in Algiers, Algeria, attracted nearly 4,000 participants from 81 countries and generated deals worth more than $540 million.
He urged participants to use the Lagos edition to secure tangible business opportunities, including financing and distribution agreements, rather than treating it as another networking event.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the Federal Government had taken steps to strengthen the policy and investment framework for the creative economy.
She said the Federal Executive Council approved Nigeria’s first National Intellectual Property Policy and Strategy in November 2025, while the Creative Sector Investment Playbook, unveiled at the World Economic Forum in Davos in January 2026, identified investment opportunities in areas such as studio financing and nationwide distribution of Nigerian content.

Oduwole said the $600 million Investment in Digital and Creative Enterprises (IDICE) programme, led by the Office of the Vice-President and the Bank of Industry, was designed to improve access to funding for businesses in the sector.
She added that Nigeria was co-championing the African Continental Free Trade Area (AfCFTA) Protocol on Digital Trade, which could facilitate cross-border music licensing, film distribution and production services.
According to her, registration for this year’s CANEX closed at 17,000 participants, compared with 6,000 at the previous edition.
She said the event also formed part of preparations for the 2027 Intra-African Trade Fair, which Nigeria secured the right to host in November 2024, as part of activities marking 50 years since FESTAC ’77.

Lagos State Governor, Babajide Sanwo-Olu, said the state had invested in theatres, cultural centres and events to support the development of creative talent.
He urged young creatives to register, protect and properly value their works to attract investment.
Also speaking, actor Richard Mofe-Damijo speaking on behalf of the creative sector, said talent alone could not sustain the industry without adequate financing, intellectual property protection and reliable distribution channels.
He cited the United States, South Korea and India as examples of countries that had developed their creative industries into major sources of trade and tourism revenue.