Monetizing Africa's culture & heritage

Africa is a continent rich in culture, talent, and heritage, yet much of its creative economy remains untapped and underexplored. In a bid to monetize Africa's talent and creative economy, efforts are being made to create avenues for investment, upskilling, and exposure. CNBC Africa recently spoke to Fela Oke, Founder of Hyphen8, who shed light on the importance of showcasing Africa's unique offerings to the world through umbrella events and operations like Canix. Oke emphasized the need for Africans to take ownership of their culture, which has been often appropriated. The conversation centered around the role of both the private sector and government in advancing the creative sector. Oke highlighted the significance of financial institutions like AfriXim Bank stepping in to bridge the gap and encourage private sector investment in areas such as film, music, and fashion. He underscored the importance of professionals within the creative industries leading the charge in educating both banks and creatives on how to collaborate effectively. Oke also stressed the need for upskilling talent across various fields within the creative sector including not just front-facing talent, but also those working behind the scenes such as lawyers, managers, producers, and accountants. The goal is to keep the money generated within Africa's creative industries and build capacity to maximize the economic potential of the sector. Oke expressed optimism about the partnerships and deals being forged in the creative industry, but emphasized the need for more collaboration and transactions. By strengthening partnerships, upskilling talent, and fostering a self-sustaining ecosystem within the creative industry, initiatives like the AfricSim Academy are paving the way for Africa to thrive in the global creative economy.