• The first Africa Xchange Summit will be held on October 15–16 in Cologne to link African and European creative industries.

• Nigeria’s Nollywood and Afrobeats drive Africa’s cultural exports but funding remains limited, with only 3% of African startup financing directed to entertainment in 2023.

• UNESCO estimates Africa’s film and audiovisual sector already generates $5 billion and could reach $20 billion with proper investment.

Cologne will host the first Africa Xchange Summit on October 15–16 alongside the city’s Film Festival. Organizers aim to build a cooperation platform connecting Africa and Europe across cinema, gaming, music, technology and finance.

Philipp Hoffmann, CEO of German distributor Rushlake Media, said the initiative carries both cultural and economic weight. “This event is essential for the positioning of Germany and Europe,” he said. Hoffmann added that Africa remains “one of the last major sustainable growth markets.”

The summit comes as African creative industries shift from the margins to the mainstream. UNESCO estimates the continent’s film and audiovisual sector already employs five million people and generates $5 billion. A stronger structure could unlock 20 million jobs and $20 billion in economic value.

Nigeria Leads the Charge

Nigeria illustrates the industry’s potential. Nollywood produces nearly 2,500 films each year, attracts 150 million viewers and contributes 2.2% to GDP. Streaming giants such as Netflix and Amazon Prime have invested heavily in Nigerian productions. In 2022, Kunle Afolayan’s Aníkúlápó reached the top of Netflix’s global non-English chart within 11 days of release. In 2023, Editi Effiong’s The Black Book entered the global top 10.

Nigeria’s music industry shows similar momentum. Afrobeats artists such as Burna Boy, Wizkid and Tems dominate international stages. Authorities aim to raise the combined contribution of creative industries and tourism to $100 billion by 2030, according to Culture and Creative Economy Minister Hannatu Musawa.

Fragile Growth

Despite the momentum, structural weaknesses remain. The International Finance Corporation said entertainment attracted just 3% of African startup funding in 2023. UNCTAD data shows African creative exports totaled only $2.4 billion in 2022, less than 0.3% of the global market.

The Africa Xchange Summit seeks to address these gaps by promoting innovation, financing and talent networks. Its impact will depend on whether it moves beyond symbolic announcements and delivers lasting support to the sector. Globally, the stakes are significant: UNESCO estimated cultural and creative industries were worth €2.3 trillion in 2022 and represented 6% of jobs.

This article was initially published in French by Servan Ahougnon

Adapted in English by Ange Jason Quenum