In a historic move, the African Export-Import Bank (Afreximbank), through its investment arm, the Fund for Export Development in Africa (FEDA), has launched a $1 billion Africa Film Fund aimed at revolutionizing the continent’s film and creative industries.
According to a 9am News report, the fund is part of the Creative Africa Nexus (CANEX) Programme and is designed to tackle long-standing challenges such as inadequate infrastructure and the lack of long-term financing that have held back Africa’s creative economy for decades.
Afreximbank President Benedict Oramah hailed the initiative as a timely intervention that will not only provide crucial financing but also help amplify African voices on the global stage.
“Through investments in the film sector, alongside initiatives such as the CANEX Shorts Awards, Afreximbank is committed to celebrating and amplifying a diverse range of African voices and experiences, thereby catalyzing the creative industry and unleashing its potential to drive economic growth across Africa,” Oramah said.
The fund will operate through a private equity model, supporting both production and global distribution of high-quality African content, positioning Africa as a key player in the international film landscape.
Building a Sustainable Creative Ecosystem
FEDA CEO Marlene Ngoyi stressed that the Africa Film Fund is more than just a financing tool it is a strategic effort to build a robust and sustainable ecosystem for African storytelling.
“The Africa Film Fund is not merely about financing films it is about building a thriving ecosystem that empowers Global Africa’s creative talent, fosters cultural exchange, and catalyzes economic transformation,” Ngoyi noted.
Hollywood actor and Managing Partner of FC Media Group, Boris Kodjoe, praised the fund as a long-awaited opportunity for African creators. “It has been a long-term dream of mine to be able to tell stories on a global scale,” Kodjoe said, expressing excitement about partnering with Afreximbank.
Oscar-winning actress and co-founder of JVL Media LLC, Viola Davis, also lauded the initiative, highlighting the authenticity and power of African narratives. “African stories are deeply human and invariably powerful. This fund is an invitation to the world to see Africa through the lens of its own creators, bold, unfiltered, and rich in truth,” Davis remarked.
Boosting Africa’s Film Industry Potential
Africa’s film sector notably Nollywood, along with rising industries in Ghana, South Africa, and Kenya has gained global attention in recent years. Nollywood alone accounted for 39% (₦2.8 billion) of Nigeria’s ₦7.4 billion total box office revenue in 2024.
Despite this success, filmmakers across the continent continue to face barriers such as limited access to sustainable funding, insufficient post-production facilities, and restricted international distribution networks.
The Africa Film Fund aims to close this gap by deploying long-term capital to help African filmmakers develop competitive, globally appealing content that showcases the continent’s cultural richness and diversity.
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