The Federal Government is working to transform Nigeria’s creative industries into a major source of foreign exchange and job opportunities as Lagos prepares for the 2026 Creative Africa Nexus (CANEX) Weekend.
The four-day event, scheduled for November 5 to 8 at the Wole Soyinka Centre for Culture and the Creative Arts, is expected to attract more than 12,000 participants from over 100 countries, providing Nigerian businesses with opportunities to connect with international investors, buyers, distributors and financiers.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the government was focused on converting Nigeria’s global cultural influence into commercial opportunities that would generate income, expand businesses and strengthen the country’s economy.
Speaking during a television interview ahead of the event, Oduwole said Nigeria’s music, film, fashion, gastronomy and other creative products had gained international recognition, but the country needed to capture greater economic value from that popularity.
“Now we need the money to come home. We need the prosperity that the creative sector, the talents of Nigerian and African people, can bring home into the pocket,” she said.
The minister explained that CANEX was designed to address some of the challenges limiting the growth of creative businesses, particularly inadequate access to finance, international markets, distribution networks and investment.
She said the event would feature deal rooms, a creative value chain and investment hub, commodities buyers’ lounge and exhibitions to connect local entrepreneurs with potential business partners.
According to her, about 20 Nigerian businesses have been selected to showcase their products at the Nigeria pavilion, while agencies including the Nigerian Export Promotion Council, Bank of Industry, Nigerian Export-Import Bank and Small and Medium Enterprises Development Agency of Nigeria will participate in supporting businesses.
The commodities buyers’ lounge will also connect local producers with buyers and suppliers of essential inputs such as cotton, polyester and shea, with the aim of strengthening domestic production and keeping more value within the Nigerian economy.
Oduwole said the initiative would create opportunities for Nigerian manufacturers, fashion businesses and beauty-product producers to access raw materials, buyers and wider markets.
She cited sportswear manufacturing, textiles, fashion and beauty products as areas where stronger local supply chains could generate employment and reduce dependence on imported finished products.
Boosting non-oil exports
The minister linked the initiative to the Federal Government’s broader economic diversification strategy, saying the creative economy offered opportunities to increase Nigeria’s non-oil exports.
She claimed that the growth rate of non-oil exports had, for the first time in Nigeria’s history, exceeded the growth rate of oil exports, attributing the development to deliberate government policies and efforts to expand access to regional markets.
Oduwole said the ministry had mapped 13 countries in Southern and Eastern Africa to identify products with export potential, including Nigerian snacks, plantain chips, zobo, chin chin, beauty products, shea-based products and fashion items.
She added that services such as music, film, hospitality and event planning also offered opportunities for Nigeria to earn foreign exchange.
The minister said the African Continental Free Trade Area (AfCFTA) agreement remained central to the government’s strategy of expanding market access for Nigerian businesses across the continent.
She also highlighted programmes supporting women-led enterprises, including initiatives on digital trade and export development, as part of efforts to help small businesses participate in international commerce.
Investment and jobs
Beyond exports, the government expects CANEX to attract capital into the creative sector and support businesses to expand their operations.
Oduwole disclosed that the investment ambition from the previous edition was about $500 million in announced commercial partnerships and investment transactions.
She said this year’s event would build on that platform through structured engagements between entrepreneurs, investors and financial institutions.
CANEX has previously demonstrated the scale of investment interest in the sector. Its 2024 edition in Algiers, Algeria, brought together nearly 4,000 participants from 81 countries and facilitated deals worth more than $540 million, according to the African Union Commission.
The potential economic benefits extend beyond the creative professionals directly participating in the event. Increased business activity could create opportunities for manufacturers, transport operators, hotels, restaurants, technology providers, event managers and other service businesses.
The expected international attendance could also generate spending within Lagos, while new commercial partnerships could help Nigerian businesses expand production, employ more workers and reach customers outside the country.
However, the minister said the ultimate objective was to ensure that businesses left the event with practical outcomes, including investment contacts, signed agreements, distribution arrangements and access to new markets.
Turning creative talent into economic value
Oduwole said the Federal Government was also strengthening intellectual property protection to ensure that creators and businesses could earn from the commercial use of their work.
She noted that the National Intellectual Property Policy, approved by the Federal Executive Council, was being implemented in collaboration with the private sector.
The issue is significant because music, films, designs, fashion and other creative products can generate substantial revenue when their ownership and commercial rights are properly protected.
The African Union has also identified limited access to finance, weak intellectual property protection, fragmented markets and infrastructure gaps as major constraints on the continent’s creative industries.
Oduwole said the government hoped CANEX would help Nigerian entrepreneurs improve their competitiveness, attract quality capital and build partnerships that could sustain their businesses beyond the event.
She added that the initiative formed part of the broader ambition to build a $1 trillion Nigerian economy, stressing that economic growth would require deliberate efforts to expand productive sectors, exports and employment.
For Nigeria, the success of CANEX will therefore depend not simply on the number of international delegates attending or the scale of exhibitions, but on how much investment is secured, how many businesses gain access to new markets, and how many jobs and export opportunities emerge from the engagements.
The challenge will be to translate the country’s creative popularity into measurable economic gains, with more Nigerian products and services reaching international consumers and a greater share of the resulting value retained within the domestic economy.
What You Should Know
This initiative is about turning Nigeria’s global cultural influence—including music, film, and fashion—into a steady stream of income and commercial growth. By hosting the CANEX event in Lagos, the government aims to connect local creators with international investors and distributors who can provide the capital needed to scale their businesses.
- Investment Opportunities: The summit is expected to attract over 12,000 participants and facilitate deals worth hundreds of millions of dollars, specifically targeting creative entrepreneurs.
- Economic Benefits: Success in this sector could reduce Nigeria’s dependence on oil by increasing exports of finished products like textiles, beauty items, and digital content.
- Protective Measures: To ensure artists benefit financially, the government is focusing on intellectual property rights to prevent the unauthorized use of Nigerian creative works.
