An initiative aimed at bolstering the African creative sector has been announced with the introduction of the $40 million Next Narrative Africa Fund.
This fund, designed to support content creators across the continent and its diaspora, will finance the development, production, and marketing of projects that challenge and reshape prevailing narratives about Africa.
The Next Narrative Africa Fund is a collaboration between Next Narrative Africa, a Nigerian multimedia production company focused on sharing impactful African stories, and HEVA Fund, a Kenyan advisory firm focusing on the creative economy.
Over the next four years, the fund will allocate $30 million in equity financing and $10 million in grants to support television and film projects.
Akunna Cook, CEO and founder of Next Narrative Africa, will lead the fund alongside Wakiuru Njuguna, managing partner at HEVA Fund.
Cook brings broad experience from her tenure in Africa policy at the U.S. Department of State, while Njuguna is an investment expert known for pioneering hybrid financial models that merge venture capital with impact investment strategies.
The fund’s primary objective is to facilitate innovative storytelling that shows the rich cultural diversity of Africa, providing new perspectives that diverge from the stereotypical portrayals often found in Western media. “We’re excited to support creatives who aspire to not only entertain but also inspire and usher in a new narrative about Africa and people of African descent,” Cook stated.
Despite Africa’s rich culture, filmmakers have historically encountered limitations in accessing the resources needed for successful project financing. The Next Narrative Africa Fund seeks to dismantle these obstacles, driving economic growth and job creation within the continent’s expanding film and media sectors.
“This fund is not just about financial returns; it’s about making a lasting impact on employment and sustainable development throughout Africa,” Njuguna noted.
The demand for original African content is surging, led by a growing middle class and an increasing number of streaming households on the continent. However, financial challenges persist for many creatives.
According to a report from Busola Tejumola of MultiChoice, Africa’s film and audiovisual industries currently generate only $5 billion, significantly short of their prospective contribution of over $20 billion to the continent’s GDP.
To maximise the fund’s impact, it will establish a venture studio where creative ideas can be incubated, supported by an advisory board comprising industry veterans, filmmakers, and experts in narrative change. The board includes Darcy Heusel, Areej Noor, and Dominic Buchanan, who will guide project selection.
Projects funded will need to focus on themes such as gender and racial equity, governance, climate change, health, and inclusive economic growth. Added to this, each project must ensure that 60% or more of its production takes place in Africa, ensuring local talent through internships and apprenticeships for women and youth.
With initial investments anticipated as early as 2025, the Next Narrative Africa Fund aims to greatly elevate Africa’s creative industries on the global stage, facilitating apt storytelling that accurately represents the continent’s diverse cultures and experiences.
