African food and its business are coming to the CANEX Weekend

This November 5-8th, the CANEX Weekend event in Lagos, Nigeria, will feature food from Nigeria, other African countries, and the African diaspora. Attendees will have the opportunity to taste authentic Nigerian cuisine and explore dishes from across the continent and the African diaspora. The African Export-Import Bank (Afreximbank), which organizes the event, aims to promote African food and the business that surrounds it.

With the African continent spending $65 billion exporting food in 2025, Afreximbank is focused on helping the continent maximize the value it gains from its agricultural output. According to Khanyi Mashimbye, Afreximbank's manager of creatives, African food products should occupy African shelves. The challenges facing Africa's food industry include limited financing for entrepreneurs, uneven standards, high costs due to imported packaging, and a lack of access to global and continental markets.

One of the most significant issues is that Africa exports raw materials while importing finished products, often at a much higher value. For example, cashew nuts in Côte d'Ivoire are transformed into roasted, salted snacks and sold back to Europe at eight times their original value. Shea butter from Burkina Faso, Ghana, Nigeria, Mali, and Côte d'Ivoire is used in high-value European cosmetics, yet little of the value is retained within Africa.

CANEX has been working to address these issues since launching its gastronomy vertical in 2023. Initiatives include bringing African food entrepreneurs to international expos and working with the African Organisation for Standardisation (ARSO) to harmonize food standards and safety across the continent. By fostering cooperation among food producers, CANEX hopes to build a retail base in Africa that can engage with African suppliers, thus creating more opportunities for local entrepreneurs to access financing and grow their businesses.