In a landmark move set to reshape Africa’s creative economy, the International Finance Corporation (IFC) and the African Development Bank (AfDB) have joined forces with Nigeria’s EbonyLife Media to explore the creation of a new investment vehicle aimed at supercharging film production across the continent.
The collaboration, announced earlier this month, aims to close long-standing financing gaps in Africa’s film and TV sectors, industries teeming with talent but hampered by underinvestment, limited infrastructure, and weak policy frameworks. The partners say the ultimate goal is to unlock sustainable job creation, enhance global competitiveness, and spotlight original African storytelling on the world stage.
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“This is not just an entertainment issue, it’s an economic opportunity,” said Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa. “Africa’s creative industries are cultural powerhouses with the potential to create millions of jobs, especially for young people.”
The move comes at a time when African cinema is enjoying an international resurgence. Nollywood, already the world’s second-largest film industry by output, is increasingly commanding global attention through streaming platforms and international co-productions. Yet the sector continues to struggle with limited access to capital, rampant piracy, and a lack of supportive public policy.
According to UNESCO, Africa’s film industry currently generates $5 billion in annual revenue and employs around five million people. With the right investment and regulation, that number could quadruple to $20 billion and 20 million jobs.
Mo Abudu, founder and CEO of EbonyLife Media, took to LinkedIn to express her excitement about the partnership.
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“History is being made,” she wrote. “For the first time, two major development finance institutions, IFC and the African Development Bank have joined forces with us at EbonyLife to pioneer a new pan-African film financing initiative. This is about building an ecosystem that supports African filmmakers to tell stories that resonate globally.”
Abudu’s EbonyLife Media has already built a reputation for bold storytelling and high-profile international collaborations, including with Netflix, Sony Pictures Television, and Idris Elba’s 22Summers. With this new backing, the studio could play an even more central role in structuring a future-facing African film economy.
Ousmane Fall, AfDB’s Director for Private Sector Operations, added: “We see this as a strategic sector that will help create opportunities for young people and women across the continent. Our goal is to work alongside EbonyLife to design a sustainable, private-sector-led financing mechanism that can scale across regions.”
The next phase of the partnership will focus on detailed scoping, attracting private and institutional capital, and working with governments to strengthen intellectual property protections and film incentives. While no funding totals have yet been confirmed, insiders suggest the framework will target a blend of public and private financing.
This initiative signals a major shift: African cinema is not just an artistic movement, it’s now a priority for global development institutions.
