Less talk, more deals way to unlock Africa’s creative economy

Africa’s creative and cultural industries have been gaining global attention, driven by a wave of young content creators utilizing social media to expand their reach and break barriers. Nigerian films, in particular, have achieved significant global fame, with the sector contributing $7.2 billion annually to Nigeria’s GDP. To delve deeper into strategies that African Governments can employ to harness the vast potential of the industry, CNBC Africa’s Aby Agina sat down with Dr. Ezekiel Onyango, Founder of the Pan-Africa Innovation, Policy, and Evidence Center for Cultural and Creative Industries. Dr. Onyango outlined key priorities for African filmmakers and policymakers to propel the sector forward. One crucial aspect highlighted by Dr. Onyango is bridging the gap between investors and creatives by providing actionable data and evidence-based policy recommendations. By adopting these reforms, governments can create an environment that attracts investors, ultimately fueling growth in the creative industry. Additionally, Dr. Onyango emphasized the importance of integrating creative technology within African creative industries to preserve culture, reach global audiences, and empower African creatives to thrive internationally. Furthermore, delivering robust market research to de-risk Cultural and Creative Industry (CCI) investments is essential to facilitate involvement from Development Finance Institutions (DFIs). Dr. Onyango also stressed the need to shift focus from solely training creatives to empowering policymakers and financiers with a deeper understanding of the sector. Breaking biases in the perception of the African creative economy as a soft sector is critical to fostering investment and sustainable growth. Dr. Onyango highlighted the impact of biases on investment decisions, citing missed opportunities, eroded trust, and reinforced stereotypes within the industry. By addressing these biases and providing the necessary tools and support, African governments can unlock the full potential of the creative economy, driving job creation, economic development, and GDP growth. In looking towards the future, Dr. Onyango shared his primary focus on the Pan-African Innovation Policy and Evidence Center (PIPEC) as a crucial project for guiding DFIs in Africa. PIPEC aims to encourage the integration of creative technologies across various sectors and advocate for the inclusion of African creative enterprises in financial markets. By supporting creative enterprises in data packaging and business remodeling, PIPEC seeks to position African creatives for increased investment opportunities and financial visibility. As Dr. Onyango continues his work in supporting creative enterprises, he challenges institutions to address the systemic barriers that hinder African creative businesses from accessing financial markets and gaining traction in the investment landscape. By championing evidence-based policies, integrating technology, and advocating for a shift in focus towards empowering policymakers and financiers, African governments can unlock the full potential of the continent’s vibrant creative economy.