In a historic move for Africa’s creative economy, the African Export-Import Bank (Afreximbank) has announced the establishment of the African Film Fund, an ambitious $1 billion investment dedicated to expanding the continent’s film industry. Spearheaded by Afreximbank’s development investment arm, the Fund for Export Development in Africa (FEDA), this initiative aims to finance 2,000 feature films annually, each with a budget of $500,000, significantly bolstering Africa’s presence in the global film market.
A New Era for African Cinema
Africa’s film sector is a sleeping giant—rich with compelling narratives, diverse cultural influences, and immense talent. Despite generating $5 billion annually and employing over 5 million people, African cinema faces systemic challenges, including a lack of financing, limited access to high-quality production infrastructure, and insufficient distribution channels. Currently, the continent has fewer than 2,000 movie screens, restricting audience reach and revenue potential.
Comparatively, countries like India and China have seen explosive growth in their film industries thanks to robust government support and massive investment. India, home to Bollywood, produces more than 2,500 films per year, while China, now the world’s largest film market, made 792 feature films in 2023, surpassing traditional Hollywood output. With the African Film Fund, the continent is now set to accelerate production and compete on a global scale.
Voices from Africa’s Filmmakers
African filmmakers have greeted this announcement with enthusiasm and optimism, seeing it as a long-awaited breakthrough for the industry.
Kunle Afolayan, a celebrated Nigerian director known for films that merge tradition with contemporary themes, called it a “game-changer”: > “African cinema has long been undervalued despite its cultural richness. With this funding, we can finally tell our stories with the production quality and distribution reach they deserve.”
South African filmmaker Judy Kibinge, founder of a film collective promoting African narratives, praised the initiative’s economic potential: > “This isn’t just about movies—it’s about redefining Africa’s creative economy. More funding means more jobs, better training, and global visibility for African talent.”
Award-winning Kenyan producer Wanuri Kahiu, known for championing “Afro-bubblegum” storytelling, sees the fund as an opportunity to revolutionize the industry: > “For years, African filmmakers have had to rely on external funding, often leading to compromised creative control. This fund empowers us to tell authentic African stories that resonate beyond the continent.”
Blaise Pascal Tanguy, founder of the International African Film Festival “L’Afrique Fait Son Cinéma”, welcomed the initiative, emphasizing its transformative potential: > “This fund is a monumental step toward elevating African cinema to global prominence. For years, African filmmakers have struggled with limited resources, yet their creativity has never wavered. Now, with structured financial support, we can build sustainable film ecosystems, nurture talent, and ensure that African stories are told with the quality and reach they deserve.” Blaise Pascal Tanguy, who has long advocated for greater investment in African cinema, believes this initiative will strengthen collaborations between African filmmakers and international distributors, opening doors for co-productions and wider global recognition.
A Strategic Investment for Economic Growth
Afreximbank President Professor Benedict Oramah emphasized the fund’s long-term impact: > “The African Film Fund arrives at a crucial moment, ensuring that Africa’s creative sector—one of the fastest-growing industries—is equipped to compete globally and drive economic transformation.”
FEDA CEO Marlene Ngoyi underscored the need for a thriving film ecosystem: > “We’re not just financing movies. We’re building an industry, strengthening talent pipelines, fostering collaborations, and promoting Africa’s cultural identity worldwide.”
Africa’s Cultural Renaissance
The fund also seeks to attract private investors and expand cinema infrastructure, enabling more African stories to reach international audiences. Already, industry heavyweights like Viola Davis and Boris Kodjoe have voiced their support, highlighting Africa’s undeniable storytelling power.
As Africa positions itself alongside global film powerhouses, this initiative marks a turning point—a bold step toward a thriving, self-sustaining creative industry. With 2,000 films produced annually, African cinema is poised to become a driving force in global entertainment, celebrating the continent’s diverse voices and rich storytelling traditions.
