Africa’s music, film, fashion and art have achieved worldwide visibility, but the continent must gain greater control over the businesses and rights that generate income from that popularity, Afreximbank President George Elombi argued at the opening of CANEX WKND 2026 in Lagos.
Addressing policymakers and creative-industry leaders at the National Arts Theatre, Elombi drew attention to the difference between cultural influence and commercial ownership. His remarks, reflected in a transcript reconstructed from the opening ceremony recording, suggest that the next phase of Africa’s creative economy will depend as much on distribution, financing and intellectual property as on artistic success.
Global audiences do not guarantee local returns
A hit song, internationally distributed film or widely copied fashion design can generate revenue across multiple businesses. Producers and performers may receive a portion, while distributors, streaming platforms, rights administrators, marketers and other intermediaries capture additional value.
Elombi’s central concern was that African talent can originate globally successful products without retaining a proportionate share of the resulting income. The distinction is significant: export visibility can raise the profile of a country or industry, but economic transformation requires locally based businesses to own assets, earn repeatable revenue and reinvest profits.
For musicians, ownership may involve publishing and master-recording rights. For filmmakers, it may include distribution rights, licensing arrangements and the ability to exploit a production in different territories. Fashion and design businesses face related questions about trademarks, branding and protection against unauthorised copying.
None of these industries can be reduced to a single business model. The common challenge is to ensure that creators and the enterprises around them understand the rights they hold, negotiate contracts effectively and have access to markets where those rights can generate income.
Why intellectual property matters to finance
Elombi also linked intellectual property to access to capital. Creative businesses frequently hold valuable intangible assets but lack the conventional collateral expected by banks. Copyright catalogues, licensing agreements and trademarks can represent future earnings, although valuing those assets and enforcing claims against them can be complicated.
He referred to the potential of frameworks such as Nigeria’s Secured Transactions in Movable Assets Act of 2017 to support more flexible approaches to collateral. That does not mean every creative work automatically qualifies for a loan. Lenders still need evidence of ownership, reliable revenue expectations and workable security arrangements.
The argument is nevertheless important for a sector in which much of the commercial value may be embedded in rights rather than buildings or equipment. More effective financing would require legal infrastructure, transparent royalty information, specialist underwriting and mechanisms for resolving disputes.
What CANEX is trying to change
Afreximbank established the Creative Africa Nexus programme to connect African creators with finance, skills and markets. The bank’s 2024 annual report outlines support ranging from creative-sector funding and training to platforms that link businesses with buyers and investors.
The report also describes CANEX Creations Inc., an initiative focused on acquiring, aggregating and commercialising intellectual property assets. Such approaches reflect a recognition that investment in production alone will have limited effect if African companies cannot participate in distribution and other higher-value activities.
The same logic applies to infrastructure. Studios, post-production facilities, professional management, legal services and regional distribution networks can help companies retain more activity and employment within African economies. The objective is not merely to create more content, but to build enterprises capable of sustaining careers and generating exports.
From FESTAC’s cultural legacy to commercial ambition
The choice of Lagos’s National Arts Theatre added a historical dimension to the discussion. Nearly half a century after FESTAC ’77 celebrated African and Black cultural expression, the CANEX gathering placed business ownership and investment alongside cultural identity.
Other speakers echoed the commercialisation theme from different perspectives. Nigerian Vice President Kashim Shettima spoke about turning cultural admiration into markets and contracts, while actress Uzo Aduba highlighted the importance of participation, ownership and partnerships linking African creators with the diaspora.
Their arguments point to a broader shift in how the creative economy is discussed. Cultural success remains important in its own right, but policymakers and financiers are increasingly asking whether it can support formal businesses, jobs, export revenues and locally owned assets.
How progress should be measured
Elombi urged attention to concrete outcomes, including contracts, studios and livelihoods. Those measures provide a useful test of the sector’s investment agenda. Announcements about financing are meaningful only when businesses can access funds on workable terms and use them to build lasting operations.
Africa’s creative industries do not lack cultural relevance. The challenge raised in Lagos is whether creators, investors and governments can build the commercial structures needed to retain more of the value their work generates.
Sources: CANEX WKND 2026 opening ceremony recording (speaker transcript supplied for editorial review); Afreximbank 2024 Annual Report; Afreximbank on CANEX intellectual property commercialisation.
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