The creative and cultural industries in Africa and its Diaspora were spotlighted at the opening of the Creative Africa Nexus (CANEX) Summit in Algiers, where leaders called for infrastructure, financing, and policy reforms to unlock the sector’s vast economic potential. The summit is part of the ongoing Intra-African Trade Fair 2025 (IATF2025).
The sector, valued at more than $50 billion and employing millions across the continent, is increasingly being recognized as a driver of trade, industrialization, and inclusive development.
“We see the role of the creative industries as absolutely essential to achieving our industrial development objectives through the innovation, creativity, and also, the competitiveness and the spirit of our creative industry,” said Wamkele Mene, Secretary General of the AfCFTA Secretariat.
African Union Commissioner for Health, Humanitarian Affairs and Social Development, Amma Twum-Amoah, urged governments to implement strong national policies that support creators and open markets. “The creative industries are no longer peripheral. They are central to Africa’s development, resilience and global influence. From fashion to film, music to digital art, our creators are rewriting narratives, reclaiming identity and redefining what it means to be an African in the 21st century,” she said.
The Minister of Grand Bahama, Ginger Moxey, emphasized the industries’ economic power: “Our culture is not only a reflection of who we are. It is one of the most powerful tools our nations possess to transform economies, strengthen unity and inspire generations. The creative and cultural industries, music, film, fashion, visual arts, literature, photography, gastronomy, sports and more, shape how the world engages with Africa and its diaspora.”
From a financing perspective, Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, noted the growing role of digital tools and artificial intelligence in the creative economy, which she described as a “new mainstream of global commerce.”
She announced the launch of CANEX Creations Incorporated, a vehicle designed to monetize African intellectual property through equity and venture capital. “We know that creative businesses don’t always fit traditional debt models. Their revenue cycles are non-linear, and their assets are often intangible. That’s why equity is an effective tool,” she said.
The CANEX Summit, billed as the largest gathering of creatives from Africa and the Diaspora, convenes continental and global players to showcase their work, explore business and investment opportunities, and strengthen trade linkages in the sector.
The summit forms part of IATF2025, hosted by Algeria and co-convened by Afreximbank, the African Union Commission, and the AfCFTA Secretariat. The weeklong trade fair is expected to generate more than $44 billion in trade and investment deals, building on a track record of $118 billion concluded over its three previous editions.
IATF is designed to harness the opportunities of AfCFTA’s single market of 1.4 billion people and a combined GDP of $3.5 trillion, positioning Africa’s creative industries as a critical lever of trade-led growth.
