Lagos to add five CNG stations in November, targets 29 by Q1 2028

Afreximbank, the African Export-Import Bank, aims to secure deals exceeding $540 million during the Creative Africa Nexus Weekend 2026 in Lagos. Dr George Elombi, the bank's President and Chairman, is confident that the transactions will surpass those from the previous gathering and that Lagos can set a new benchmark. The four-day event, running from November 5 to 8, is hosted by the Federal Government and organized by Afreximbank under the theme, "One People, United in Culture, Creating for the World."

The CANEX Deal Room and Creative Pitch Sessions will connect entrepreneurs with financiers and investors across various creative industries, including film, television, music, fashion, sport, publishing, gastronomy, visual arts, and creative infrastructure. The Creative Economy Finance Summit, organized with the Creative Economy Practice at Co-Creation Hub, will explore structuring, financing, and de-risking creative industry transactions.

Elombi highlighted the persistent imbalance in the global creative economy, pointing out that despite African creators achieving international recognition, they receive a disproportionately small share of the financial returns. He cited estimates from the United Nations Economic Commission for Africa, valuing Africa's creative economy at approximately $60 billion, which represents only 2% of the global creative industry.

Foreign control of distribution networks, branding, marketing platforms, intellectual property rights, and content catalogues are major obstacles preventing African creators from retaining more earnings, according to Elombi. He warned that digital algorithms and artificial intelligence increasingly determine which African songs and films reach international audiences and threaten creators through unauthorized reproduction of their works.

To address these issues, the bank is focusing on building a creative ecosystem that captures value throughout the creative value chain.