The African creative industry is set for a transformative leap with the launch of the $40 million Next Narrative Africa Fund. This initiative is designed to empower content creators across Africa and the diaspora, providing much-needed financial backing for projects that challenge stereotypes and reshape global perceptions of the continent.
A collaboration between Next Narrative Africa, a Nigerian multimedia production company, and HEVA Fund, a Kenyan advisory firm specializing in the creative economy, the fund will allocate $30 million in equity financing and $10 million in grants over the next four years. Its primary goal is to finance innovative storytelling through television and film, offering a platform for narratives that celebrate Africa’s rich cultural diversity.
Akunna Cook, CEO and founder of Next Narrative Africa, will lead the initiative alongside Wakiuru Njuguna, managing partner of HEVA Fund. Cook, with her background in African policy at the U.S. Department of State, and Njuguna, an expert in impact investment, bring together a wealth of experience aimed at merging creative vision with sustainable development.
“This fund is not just about financial returns; it’s about reshaping Africa’s narrative and empowering creatives to tell authentic stories,” said Cook. Njuguna added, “We’re here to foster job creation and long-term economic growth in Africa’s media industries.”
The fund’s establishment comes at a critical time when the demand for African content is surging, driven by an expanding middle class and the rapid rise of streaming services. Despite this demand, African filmmakers often struggle with limited access to capital. According to MultiChoice’s Busola Tejumola, the continent’s film industry generates just $5 billion annually, despite having the potential to contribute over $20 billion to Africa’s GDP.
The Next Narrative Africa Fund aims to bridge this gap by incubating creative ideas through a dedicated venture studio, supported by an advisory board of industry experts like Darcy Heusel, Areej Noor, and Dominic Buchanan. The fund will focus on projects that promote gender and racial equity, governance, climate change, and inclusive economic growth, with a strong emphasis on local talent development.
With production set to begin in 2025, this initiative is poised to elevate Africa’s creative industries globally, positioning them to tell stories that genuinely reflect the continent’s vast cultures and experiences.