IFC, AfDB, EbonyLife to create new investment vehicle for African film industry

….investment could create up to 20 million jobs in Africa

The International Finance Corporation (IFC) and the African Development Bank (ADB) recently announced a collaboration with EbonyLife media, Nigeria’s leading media company, to explore the conditions for the creation of a pan-African investment vehicle targeted at the continent’s film sector.

Based on UNESCO’s report, the investment vehicle will be crucial to  the sector in Africa, enabling the sector to potentially reach a valuation of $20 billion annually from its current $5 billion valuation, while creating 20 million jobs, from its current state of 5 million.

An investment of that nature will improve access to financing for productions that promote original African stories around the world.

The initiative reflects the recognition of IFC in the creative sector’s vast potential to generate employment, especially among the youths and foster an inclusive cultural narrative, as well as drive economic growth across emerging markets.

According to the IFC, this effort is part of its long-term commitment to support industries that not only contributes to the GDP of African states, but also shape identity and social cohesion across the continent.

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EbonyLife media, has had several agreements with international studios such as Sony Pictures Television, Starz, Macro Film Studios, Westbrook Studios, and 22 Summers (co-founded by Idris Elba). It has played a strategic role by bringing local expertise and global partnerships to the table.

Mo Abudu, the founder of EbonyLife Group, early in the year, acquired a property in London, ahead of the launch of EbonyLife Place London in the fourth quarter of 2025.

The facility will become the first cultural and creative hub of its kind in London, offering a platform for African creatives to showcase their talents and connect with global audiences.

It will be a vibrant convergence of of African film, theatre, music, food, art, and fashion, and a home for African storytelling and talent to thrive on the global stage.

Mo Abudu, CEO of EbonyLife media, noted that with the IFC, AfDB partnership, it was finally time to build an ecosystem in order to uncover new possibilities and provide capital for African filmmakers.

“This has taken time. We are defining and building an ecosystem designed to unlock new possibilities and provide critical capital for African filmmakers,” she said.

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Persistent hurdles of Africa’s creative sector

Despite its potential, Africa’s creative sector currently generates an estimated $4.2 billion annually, less than 1 percent of Africa’s total GDP, according to IFC data.

Although it is experiencing steady growth, yet it continues to grapple with significant challenges.

Top among them are limited access to financing, weak intellectual property protections, and rampant piracy, issued that are estimated to erode as much as 50 percent of potential revenues.

Other obstacles are a shortage of specialised technical expertise, inadequate infrastructure, and fragmented regulatory environments across the continent.

This led to the IFC earlier signing a landmark agreement with Sony Group in 2023, to explore investment opportunities in creative startups spanning film, gaming, music, and cultural technology.

Now, with the collaboration between IFC, AfDB and EbonyLife, these barriers can be addresses as part of its wider strategy to support the creative economy in Africa.

Nigeria’s movie industry knows as Nollywood, which is the world’s second-largest film industry by volume, produces around 2,500 films each year and contributes approximately 2.2 percent to the country’s GDP. Meanwhile, countries such as South Africa, Kenya, Senegal, and Ghana are also scaling up their film industries through a mix of public and private sector collaboration.

On the collaboration, Dahlia Khalifa, regional director for Central Africa and Anglophone West Africa at IFC, said,

“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,” he said.

Ousmane Fall, director for private sector operations AfDB said: “This collaboration reflects the 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…and IFC….we are seeking to support the creation of a sustainable investment vehicle for film production in Africa”.

IFC, AfDB and Ebony Life will continue to explore ways to pull more capital and expand film productions from the continent even as they collaborate with various African governments on policies on intellectual property and film incentives.