Film experts highlight need for data, collaboration in Africa’s film Industry

Industry leaders at the 13th Africa International Film Festival (AFRIFF) have highlighted the immense economic potential of Africa’s film sector, emphasising the need for better data collection and transparency to attract investment. Discussions also centred on fostering collaboration and adopting an ecosystem approach to ensure sustainable growth while retaining intellectual property within the continent.

Phil Southwark, a partner at Chapel Hill Denham, remarked on the economic promise of the African film industry. Drawing on his experiences in London and New York, he noted the substantial employment opportunities and economic activities a robust film ecosystem can create. Southwark stressed the need for a sector-wide approach, focusing not just on the talent in front of the camera but also on supporting businesses and post-production skills.

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Southwark emphasised that blending art and science is necessary for sharing and archiving data, ultimately maximising the industry’s potential. He highlighted the collective lack of comprehensive data on the industry’s size, underscoring its importance for making better investment and operational decisions. He advocated for an ecosystem approach where industry stakeholders work together to build strong infrastructure and drive sustainable growth.

“I think the more that we can aggregate all of that data, explain the opportunity to the financial market and the benefits for business,” Southwark said.

Folajemi Ali Balogun of MBO Capital Management echoed the call for improved data-sharing within the industry. He noted that some financiers cite the lack of publicly available, reliable data as a challenge. He stated that MBO Capital has had to conduct its own market research due to the scarcity of accessible information, with some producers hesitant to disclose financial details. Despite these obstacles, Balogun expressed optimism about the industry’s progress toward greater data transparency.

Balogun highlighted MBO Capital’s job creation efforts, stating that film projects funded by the firm have generated over 2,000 jobs. Since early last year, MBO Capital has raised more than N3 billion in capital, signalling a growing investment trend in the sector.

Austin Uche of the Bank of Industry (BOI) detailed the bank’s commitment to supporting Nigeria’s film industry, with over N15 billion disbursed to date. Acknowledging industry challenges, particularly in financing, Uche described BOI’s ongoing efforts to develop new initiatives and products to support growth. He reaffirmed the bank’s dedication to enhancing investment across various sectors, with film being a key focus for future development.

Responding to questions about Afreximbank’s emphasis on cultural exports through film financing, Ody Akhanoba, Head of SME Development at the bank, highlighted film’s role in showcasing Africa’s culture, products, and services to the world. Akhanoba explained that Afreximbank evaluates film projects based on their inclusion of African culture and products, reflecting the continent’s richness and economic potential.

Southwark, earlier quoted, noted that Nigeria’s global image is often inconsistent with the vibrant, dynamic reality on the ground. He lamented the country’s missed opportunities to leverage its creative and sports stars for global branding. He urged the government to align with these high-performing sectors to improve Nigeria’s international reputation.

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He cited Nigeria’s kind gesture of producing many local films some years back to attract foreigners, noting that the benefit included an international appeal for the industry. He expressed optimism that the world is starting to accept Nigeria’s cultural and economic products.

Akhanoba, earlier quoted, described Afreximbank’s evolving strategy in film financing, starting with an initial $500 million investment in the creative industry, later increased to $2 billion. While their initial debt-linked facility provided loans to filmmakers with distribution plans, market feedback revealed limitations. In response, Afreximbank launched Canex Creations Inc., an equity-linked instrument designed to share risk and retain intellectual property within Africa.

By abandoning the practice of selling films to non-African streaming platforms, Akhanoba expressed optimism that Canex Creations Inc. would boost investment in African films while preserving the industry’s long-term value.