Afreximbank announced in Lagos that it would increase its funding commitment to Africa’s cultural and creative industries to $2 billion by 2027. Financing agreements worth $118 million were also announced in Nigeria.

Unveiled at Creative Africa Nexus, the commitment aims to expand access to finance in sectors including film, music, fashion and digital content. The Nigerian agreements bring together Afreximbank and domestic development finance institutions.

In these industries, production costs often come well before revenues from distribution or rights sales. Access to credit therefore depends in part on whether producers can document their contracts, protect their rights and forecast revenues across several markets. The new funding could help creative businesses cover upfront costs and reach wider audiences.