Kanayo Awani, executive vice-president at the African Export-Import Bank Afreximbank has offered a forceful defence of the banks investments in Africas creative sector and how this can be a very positive force for good for the continent. Awani was speaking at the opening of the Creative Africa Nexus programme CANEX in the Algerian capital of Algiers. Held annually since 2021, the three-day CANEX event provides a platform for the continents cultural and creative talents to promote their work.
Awani, whose department oversees the CANEX programme, noted that while the creative sector in Africa is largely informal and struggles to attract capital and investment, it has huge potential to contribute to the creation of jobs and wealth on the continent. Globally, the creative economy is valued at an astonishing 2 trillion and offers substantial revenue streams for small businesses, creating countless employment opportunities even for those who follow it, she noted, adding that it makes economic sense for Afreximbank, a trade finance institution, to support the sector.
With a rapidly growing youth population, the creative economy could be an avenue to create the jobs and livelihoods that the continent needs. With about 40 to 60 of the population under 25, the creative economy provides a unique opportunity to tackle youth unemployment by offering jobs in sectors such as fashion, music, film production and entertainment and in creating digital content, Awani added, backing her argument with an estimate from the United Nations that the creative industry employs almost half of young people between the ages of 15 and 30.
Of this number, about half are women. According to Awani, this presents an opportunity to integrate young Africans, especially women, into the mainstream economy.
The Bank has already deployed nearly 500m of capital in the creative industries across a number of verticals, including sports, fashion, film and music. The CANEX WKND also included masterclasses in gastronomy where the agriculture value chain comes into play as well as a prize to support publishers in Africa and the Caribbean. It was noticeable throughout the activities that the global africa narrative that brings in the diaspora and the islands of the Caribbean was prominent throughout.
