Vice President Kashim Shettima has urged investors and financial institutions to provide early-stage funding for African creative businesses, describing the sector as a major driver of employment, economic growth and global business opportunities.
Shettima made the call on Thursday at the opening of the Creative Africa Nexus (CANEX) Weekend 2026 in Lagos, where government officials, investors and creative industry stakeholders gathered to explore financing and commercial opportunities.
Addressing investors, the Vice President said Africa had the potential to produce globally competitive creative companies if emerging businesses received the necessary financial backing.
He urged investors to support creative enterprises early, stressing that African entrepreneurs needed more than international recognition to build sustainable businesses.
Shettima also challenged creative professionals to turn their talents and growing global visibility into commercial agreements, distribution deals and investment partnerships.
He said the Federal Government was strengthening intellectual property protection, expanding access to finance and promoting creative trade under the African Continental Free Trade Area.
The Vice President also called on African governments to remove barriers restricting the movement of creative products across the continent, particularly those affecting payments and cross-border transactions.
Meanwhile, the African Export-Import Bank (Afreximbank) has committed $2 billion to support Africa’s creative and cultural industries through 2027.
Afreximbank President, George Elombi, said Africa’s creative economy was valued at approximately $60 billion but accounted for only two per cent of the global creative industry.
He stressed that increased financing must be accompanied by stronger intellectual property ownership, distribution networks and marketing platforms to ensure African businesses retain more value from their creative products.
The Federal Government is also seeking to unlock more than $600 million in financing for digital and creative enterprises through the Investment in Digital and Creative Enterprises programme.
Sources: Punch, Voice of Nigeria and Afreximbank. Punch Newspapers
