news
IFC, AfDB and EbonyLife Media partner to power Africa’s creative economy
As part of their ongoing efforts to support the growth of Africa’s creative industries and drive job creation in the region, IFC and the African Development Bank has announced a collaboration with EbonyLife Media, Nigeria’s media company, to explore the conditions for the creation of a pan-African investment vehicle targeted at the region’s film sector.
The aim is to improve access to financing for productions that promote original African stories around the world. EbonyLife Media has built a reputation for bringing compelling African narratives to global audiences through innovative storytelling.
The company has produced some of the highest-grossing movies in the region and enjoys strategic collaborations with global media companies, including Sony Pictures Television, Westbrook Studios, Starz, Macro Film Studios and Idris Elba’s 22 Summers.
This effort is in line with IFC’s strategy to expand Africa’s creative industries, recognizing the sector’s potential to drive job creation - especially for youth - promote inclusive narratives, and stimulate economic growth across emerging markets. Despite the growth of film production across the continent over the last few years, Africa’s film sector remains untapped.
According to UNESCO, the sector currently supports approximately 5 million jobs and contributes $5 billion to the continent’s GDP. However, the industry faces significant challenges that inhibit its growth potential, including persistent financing gaps, policy barriers and lack of a robust intellectual property regulatory framework and implementation, which results in up to 50 percent revenue loss to piracy by film producers in the region.
In this context, IFC, AfDB and Ebony Life are exploring ways in which they can crowd in more capital into African film productions and support the expansion of the film industry at scale in the continent, while working with governments to introduce protection of intellectual property and film incentives, essential to strengthen the economics of film production in the continent.
Dahlia Khalifa, Regional Director for Central Africa and Anglophone West Africa, IFC: “Africa’s creative economy is a cultural asset and an engine for inclusive growth, youth employment, and global influence. Through this partnership, we aim to unlock new capital for the continent’s storytellers, helping them bring authentic African voices to international platforms while boosting job creation in one of the most dynamic sectors of the future.”
Ousmane Fall, Director for Private Sector Operations, The African Development Bank Group: “This collaboration reflects the African Development Bank Group’s growing interest in creative industries as a growth sector supporting entrepreneurship and job creation for young people and women in Africa. By joining forces with EbonyLife, Nigeria’s premium media conglomerate, and IFC, a like-minded DFI institution, we are seeking to support the creation of a sustainable investment vehicle for film production in Africa”.
Mo Abudu, CEO, EbonyLife Media: “This has been a long time coming. For nearly two years, I’ve been quietly laying the groundwork—defining and building an ecosystem designed to scale, to unlock opportunity, and to provide the vital capital African filmmakers need to create stories that resonate across borders and generations. Today, I am thrilled and deeply proud to welcome the IFC and AfDB on this journey. Together, we will identify ways in which we can catalyze a new era of African storytelling that can thrive on the global stage.”
