Kwairanga Advocates for Creative Sector Funding in Africa

Alhaji Umaru Kwairanga, chairman of Nigerian Exchange Group PLC, addressed the Africa Soft Power Summit on Thursday in Nairobi, Kenya, advocating for African capital markets to expand their focus beyond traditional industries such as oil, banking, and manufacturing. He urged financial institutions to embrace the rapidly growing creative economy as a viable asset class.

Kwairanga pointed out that while African artists are gaining international recognition and financial success, there is a significant lack of proper monetization structures within the financial system that can adequately reward artists. He cited examples from the music industry, mentioning artists like Burna Boy and Diamond Platnumz, and the Nollywood film industry, stressing the need for a financial value chain that benefits all contributors.

Furthermore, he called for African financial institutions to evolve in line with changing economic realities to support innovation-driven businesses, thereby helping to sustain Africa's economy, which is increasingly driven by digital enterprises and creative talent.