CANEX WKND 2024 Concludes In Algeria With Over $540 Million In Deals Committed For Africa’s Creative Future

The second edition of Creative Africa Nexus Weekend (CANEX WKND 2024) wrapped up in Algiers, Algeria, after four days filled with dynamic activities celebrating Africa’s creative industries. The event attracted 108 exhibitors and nearly 4,000 attendees from 81 countries, including creative talents, industry leaders, and policymakers from Africa, the Caribbean, and the diaspora.

Participants engaged in a variety of showcases and masterclasses, spanning fashion, music, sports, film, visual arts, and gastronomy.

Among CANEX WKND’s most impactful results were deals totalling $540 million. Key among these was a EUR 245 million global facility agreement with New World Television (NWTV) to part-finance the network’s acquisition of media licensing rights for sports broadcasting across 24 African countries.

In addition, Afreximbank announced a $3 million facility with Mediwood Studios, designed to support the company’s efforts to expand the Tunisian film industry, further positioning the country as a hub for creative production. These agreements underscore Afreximbank’s dedication to fostering Africa’s creative sectors as drivers of economic growth and employment, particularly for women and young people.

In her closing remarks, Executive Vice President for Intra-African Trade and Export Development, Afreximbank, Mrs Kanayo Awani, said, “We commend the Government of the People’s Democratic Republic of Algeria for their commitment to making CANEX WKND 2024 a success. Local participation has been exceptional, setting an exciting stage for IATF 2025 in Algiers. CANEX WKND’s mission has always been to highlight the vast market opportunities within Africa’s creative industry and to nurture their economic potential. We are grateful for the partnerships and deals formed here, and we look forward to continuing this work of exposing our different creative prowess across Africa and the world.”

CANEX WKND 2024 featured discussions on intellectual property rights, market access, and policy reform to accelerate creative sector growth. The event also introduced the Ministerial Roundtable, a platform where Ministers from Africa and the Caribbean supported by African Union Commission, African Continental Free Trade Area Secretariat addressed the opportunities and challenges facing Global Africa’s cultural and creative industries (CCIs).

Keynotes by the Africa Union Commission’s Amb. Minata Samate Cessouma, and H.E. Wamkele Mene, the Secretary General of the AfCFTA Secretariat, as well as Afreximbank’s Mrs. Kanayo Awani and other leaders underscored the economic and cultural value of CCIs, particularly for African and Caribbean youth. The roundtable advanced CANEX strategies to mobilise financing, enhance CCI growth, and foster policy-stakeholder collaboration for implementing the AU Plan of Action on CCIs.

The event awarded the CANEX Prize for Publishing in Africa to “Female Fear Factory” by Pumla Dineo Gqola, published by Cassava Republic Press, which was praised for its impactful cover design, elegant layout and insightful feminist analysis. CANEX Shorts, a film competition for young African and Diaspora filmmakers, awarded cash prizes to three winners: Francis Y. Brown from Ghana for Room – 5, Brian Obra from Kenya for We Shall Not Forget, and Thomas Mpoeleng from Botswana for Silent Screams. Selected from 147 entries, each winner received a cash prize.

In a “CANEX Presents the Angels” pitch session, angel investors committed $350,000 to support three creative businesses. Leading investor Moji Hunponu-Wusu pledged $250,000 to Cameroonian designer Kibonen Nfi, with an additional $100,000 from a consortium investing in pitches from Zimbabwean Pam Samasuwo-Nyawiri and Thulani Ngazimbi, as well as Kibonen Nfi.

Reflecting on the outcomes of the event during the event wrap up press conference, Mr. Nassim Mohan Amer, Director of International Cooperation, Algeria, noted that CANEX presented a wonderful opportunity for African creators and innovators as it exposes them to the continent beyond their national borders and further accelerates the vision for AfCFTA’ s intra African trade agenda. He continued that Algeria, having hosted the CANEX WKND 2024 will have learnt a lot as it prepares to host the 4th edition of the IATF 2025, expecting to eclipse expectations and enhance Algeria – Africa trade.

Mr. Ismail Inezarene, Director of Cultural and Artistic Promotion, Algeria, also commended Afreximbank’s partnership with Algeria terming it as a collaboration ‘suited to the needs of the future of Africa – the youth’. Whilst highlighting a remarkable 81 countries that were represented at the event, Mr. Inezarene reassured IATF 2025 attendees and the Algerian public of a more concise collaboration and a seamless participation.

Looking ahead, CANEX WKND’s success sets a high standard for IATF 2025 in Algiers, an event expected to gather 35,000 participants to explore and expand Africa’s intra-regional trade. The Afreximbank’s continued efforts to support Africa’s trade and creative industries are pivotal as the continent harnesses its rich cultural and economic potential.

Melissa Enoch

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