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Africa’s film and audiovisual industry generates an estimated $5 billion annually and employs more than 5 million people
ANALYSIS | THE INDEPENDENT | Africa’s multilateral lender, African Export-Import Bank, through its impact investment arm—the Fund for Export-Development in Africa (FEDA)—has announced a landmark $1 billion initiative to launch the Africa Film Fund, aimed at transforming the continent’s film and television industry.
The fund, announced under the Bank’s Creative Africa Nexus (CANEX) programme, is expected to be a significant boost to the creative economy, offering long-term patient capital to support film production, post-production, and distribution.
The initiative follows a commitment made during the CANEX Weekend 2024 in Algiers and seeks to empower African filmmakers to create and distribute globally competitive content.
“The Africa Film Fund is a timely intervention that will help scale the creative sector, attract investment, and expand Africa’s cultural footprint,” said Professor Benedict Oramah, President of Afreximbank and Chairman of FEDA. “Through initiatives such as this and the CANEX Shorts Awards, we aim to catalyse job creation and economic growth across Africa.”
FEDA CEO Marlene Ngoyi emphasized the broader ambition of the fund. “This is not just about film financing. It’s about building a sustainable ecosystem to harness the power of Africa’s creative talent, foster cultural exchange, and drive inclusive growth.”
Africa’s film and audiovisual industry generates an estimated $5 billion annually and employs more than 5 million people, according to UNESCO. However, the sector continues to suffer from chronic underinvestment, limited access to modern equipment, and poor distribution infrastructure. The continent has fewer than 2,000 cinema screens, with restricted access to digital streaming platforms.
FEDA’s fund will address these bottlenecks by providing capital to projects with commercial viability and cultural resonance. In addition to enabling the production of high-quality African stories, the fund aims to attract international investment and stimulate export earnings through creative content.
Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development at Afreximbank, said the fund will strengthen culture as a “strategic asset” for the continent. “This initiative will empower African storytellers and demonstrate that culture is not just soft power—it is an economic driver.”
Global film industry figures have welcomed the development. EGOT-winning actress Viola Davis, co-founder of JVL Media LLC, said: “African stories are deeply human and universally powerful. This fund is an invitation to the world to see Africa through its own creators.”
Actor Boris Kodjoe, Managing Partner of FC Media Group, added: “It has long been a dream of mine to tell stories on a global scale. Partnering with Afreximbank and FEDA makes that dream more achievable by enabling quality African content to thrive.”
The Africa Film Fund represents one of the most ambitious investments yet in the creative industries by a multilateral financial institution, as Afreximbank moves to position culture as a key pillar of economic transformation on the continent.
