Kanayo Awani Echoes Potential of Creative Economy at CANEX Weekend Summit 2024 in Algiers

Algiers–

Mrs. Kanayo Awani, Executive Vice President of the Intra-African Trade and Export Development Bank, African Export-Import Bank (Afreximbank), delivered a powerful opening statement at the Creative Africa Nexus (CANEX) Weekend Summit, held in Algiers, Algeria, from October 16-19, 2024, where she emphasized the importance of creative economy in advancing Africa. The event, hosted in the historic city known for its seven UNESCO World Heritage sites, gathered key stakeholders from across the continent and the diaspora to promote Africa’s creative and cultural industries.

In her address, Awani extended gratitude to the Algerian government, recognizing the efforts of President Abdelmadjid Tebboune and Algeria’s Minister of Culture and Arts, Soraya Mouloudji, for their pivotal role in hosting the event. Awani underscored the significance of the summit as a platform to celebrate Africa’s heritage and foster unity under the “Global Africa” identity.

Creative Economy as a Catalyst for Africa’s Future

Awani highlighted the growing importance of the creative economy, which is valued at $2 trillion globally and represents a key opportunity for Africa. With over 60% of the continent’s population under the age of 25, she emphasized that investing in creative sectors—such as music, fashion, film, and digital media—can help address youth unemployment and generate sustainable income.

She cited estimates from the United Nations indicating that creative industries are the largest employers of young people aged 15 to 29, with nearly half of these jobs filled by women. The shift toward digital platforms, she noted, has opened new avenues for entrepreneurship and market access, allowing African youth to harness their talents through technology.

” By investing in creative industries, African countries can diversify beyond traditional sectors like agriculture and mining and tap into one of the fastest-growing sectors worldwide,” Awani remarked. She also referenced projections showing that Africa’s entertainment market will reach $4.6 billion by 2025, with the sports sector anticipated to exceed $12 billion by 2027.

CANEX: A Game-Changer in Africa’s Cultural Sector

Awani elaborated on Afreximbank’s CANEX initiative, a program launched in 2019 to empower Africa’s creative industries. In 2022, Afreximbank doubled its investment in the sector to $1 billion, demonstrating the bank’s commitment to unlocking the economic potential of African creatives.

She detailed several CANEX achievements, including partnerships with top fashion designers showcased at Paris and Tokyo Fashion Weeks, collaborations with music artists like DJ Maphorisa and Stephen Marley, and the development of a $1 billion film fund under the Fund for Export Development in Africa (FEDA). The bank’s focus, she explained, extends beyond finance to building the infrastructure and policy framework necessary for the creative sector to thrive.

“ Our goal is not only to increase Africa’s share of global trade but also to create a platform for telling our own stories—stories of resilience, diversity, and success,” Awani said.

Highlights of the CANEX Summit 2024

The summit featured numerous events, including the launch of CANEX Creations Incorporated, a new company focused on acquiring and commercializing African creative content and intellectual property. Awani also announced a strategic partnership with Galerie Lafayette in Paris to showcase African designers in 2025.

The program included award ceremonies, such as the CANEX Prize for Publishing in Africa and the CANEX Shorts competition, which celebrated the achievements of emerging African filmmakers. A fireside chat with Imane Khelif, Algeria’s 2024 Olympic boxing gold medalist, was also part of the lineup.

The event culminated with a concert featuring some of Africa’s brightest music stars, including Nigerian Afrobeats sensation Ayra Starr and the legendary Tuareg band Tinariwen, marking their long-awaited return to Algeria.

A Vision for Global Africa

In closing, Awani emphasized the importance of cultural industries in preserving African heritage and shaping a unified identity that transcends geographical boundaries. She urged stakeholders to leverage Africa’s diversity to inspire future generations and leave a lasting legacy.

“ As Africans, we have the power to tell our own stories, create for the world, and shape a bolder vision for Global Africa,” she declared. “ The future is ours to mold, and the possibilities before us are as vast as our dreams.”

The CANEX Weekend Summit 2024 served as a vibrant celebration of African creativity, demonstrating the transformative power of cultural industries in driving socio-economic development across the continent and beyond.