‘Africa Needs Structured Investment Vehicle to Benefits from $50bn Creative Industry’

Oluchi Chibuzor

Chairman of Platinum Capital, Dr. Akintoye Akindele, has said that for Africans to benefit from its $50 billion creative industry, the continent needs structured investment vehicles to enhance the rapid growth of the sector.

This is as he explained that Africa has the comparative advantage in the creative sector globally considering its population.

He disclosed this in Lagos at the 2023 Walk Africa Conference held in Dakar, Senegal.

He said the creative industries could play a critical role in building more resilient, sustainable and inclusive economies in the world’s most developing countries.

According to him, the influx of foreign digital platform companies into the continent market clearly “shows that the continent is losing revenues and jobs which can be retained by the continent.”

He said Film, Cuisine, Music, Fashion and Art would continue to witness growth on the continent and has the comparative advantage with its population.

“Given the large size of these segments and their high growth rates, we are convinced that highlighting the opportunities and working with global partners will be highly beneficial in terms of developmental and financial goals for both the continent and its partners.

“In Africa alone, these five segments of the creative industry represent over $50 billion of opportunities on the continent that are not being harnessed due to their largely informal, untapped, unstructured nature. has a growth rate that outpaces other sectors on the continent, “he said.

Commenting on the conference, with the theme,  “Unleashing the Value and Potential of the African Creative Industry,” he said the event aimed at building a bridge between Africa and the world as the previous event has attracted over $200 million investment. 

According to him, “The future of Africa and the future of the world are linked, and to create the Africa that we want, collaboration and partnership must be our focus. Through Africa Walk, we are creating the platform that enables international companies and investors to engage local companies, investors, policy makers & academia towards building the Africa of the future, in which global best practices are fused with local inputs.”