The African Export-Import Bank (Afreximbank), through its Fund for Export Development in Africa (FEDA), has unveiled a $1 billion Africa Film Fund to revolutionize the continent’s film and creative sector. Launched under the Creative Africa Nexus (CANEX) Programme, the initiative addresses longstanding barriers in film and TV production, including insufficient infrastructure and limited access to long-term financing.

The fund aims to empower African filmmakers by supporting content development and global distribution. Benedict Oramah, President of Afreximbank, described the initiative as a critical step to unlock the potential of Africa’s creative economy. He highlighted the bank’s commitment to amplifying diverse African voices through investments and programs like the CANEX Shorts Awards, fostering economic growth through storytelling.

Marlene Ngoyi, CEO of FEDA, emphasized the fund’s broader vision of building a sustainable ecosystem for African storytelling. By mobilizing capital through a private equity model, the fund will support the entire value chain, from production to international market access, ensuring African creators can compete globally.

Renowned actor Boris Kodjoe, Managing Partner of FC Media Group, expressed enthusiasm for the fund, noting its potential to realize long-term dreams of African storytellers by supporting high-quality content creation. Similarly, Viola Davis, co-founder of JVL Media LLC, praised the initiative for promoting authentic African narratives, calling it a significant move toward a more inclusive global film industry.

Africa’s creative sector, particularly Nollywood, has gained global traction, with Nollywood films contributing 39% (N2.8 billion) of Nigeria’s 2024 box office revenue of N7.4 billion. However, challenges such as limited funding, inadequate post-production facilities, and weak international distribution networks persist. The Africa Film Fund seeks to bridge these gaps, enabling filmmakers to leverage Africa’s cultural richness for global market share.

With this ambitious initiative, Afreximbank aims to catalyze economic transformation and cultural exchange, positioning African storytelling as a powerful force on the world stage.