The African Import-Export Bank (Afreximbank) has stated that the creative industry in Africa can be a catalyst for GDP growth in African economies and also pull its youth out of poverty.
This was disclosed by the President of the bank, Prof. Benedict Oramah, on Sunday at the two-day Creative Africa Nexus (CANEX) during the Intra-African Trade Fair (IATF) 2021, in Durban, South Africa, according to the News Agency of Nigeria.
He added that Africa’s creative industry could catalyse intra-African trade, create millions of jobs for the continent’s young population, and promote the emergence of national and regional value chains.
What Afreximbank boss is saying
Oramah said, “The creative industry is a bankable market.”
He added that the bank is committed towards Africa’s creative industry, and launched the CANEX programme to support Africa’s creative and cultural industries in a manner that would revolutionise the continent’s untapped talents.
Oramah added that CANEX activities included a panel conversation on leveraging the AfCFTA to Promote African Creative and Cultural Industries.
South Africa’s Minister of Arts and Culture, Kosinathi Mthethwa, launching the CANEX programme stated that the “next gold for Africa is the cultural and creative economy,” Mthethwa said.
“Central to cultural diplomacy is the notion of people-to-people relations and Africa can use ‘soft diplomacy’ by leveraging the arts to create these human connections,” he added.
Audu Maikori, Founder of Chocolate City Entertainment, Nigeria, also at the event, argued that Africans should think “local first and global later” as a strategy to empower the African music industry.
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Nairametrics reported last week that the Federal Government stated that the growth in Nigeria’s digital services, especially in areas of culture, creativity, hospitality and tourism will boost investments in the economy.
This was disclosed by Clem Agba, Minister of State, Budget and National Planning, at the 2021 African Statistics Day celebration. The Minister said Nigeria’s creative industry and large youth population is ripe for growth adding that the FG has implemented policies including a National Policy for the socio-cultural development of the country through the Federal Ministry of Information and Culture.