LAGOS, May 23 – The Nigerian Exchange Group Chairman Umaru Kwairanga has called on African capital markets and financial institutions to broaden their investment focus beyond traditional sectors such as banking, oil and manufacturing by embracing the continent’s expanding creative and innovation economy.
Speaking during the Africa Soft Power Summit in Nairobi, Kwairanga said Africa’s rapidly growing creative industries and technology ecosystem present significant investment opportunities that remain largely underdeveloped despite increasing global recognition.
The summit, organized by Africa Soft Power Group, brought together policymakers, entrepreneurs, investors, business leaders and creatives to discuss how Africa can convert its cultural influence into long-term economic value.
Kwairanga argued that Africa’s creative economy should no longer be viewed solely as a cultural sector but as a strategic economic opportunity capable of generating sustainable returns and creating broader value across economies.
“Given the increasing popularity of our arts, our music and our movies, African financial institutions need to take the creative and innovation economy seriously as an asset class rather than just a cultural footnote,” he said.
He noted that although African creatives continue to gain stronger international recognition, many sectors still lack the structures needed for long-term monetization and equitable value creation.
Referencing internationally recognized African artists such as Burna Boy, Tyla and Diamond Platnumz, Kwairanga questioned whether Africa’s creative ecosystem is fully capturing the commercial value generated through branding, intellectual property, ticket sales and broader entertainment revenue streams.
He also highlighted the need for stronger financing systems capable of supporting technology-driven businesses and enabling more African startups to scale successfully.
Kwairanga said the future of African capital markets will increasingly depend on their ability to support sectors powered by digital enterprise, intellectual property, artificial intelligence and innovation.
According to him, exchanges across the continent must evolve alongside changing economic realities.
“As Africa’s economies become increasingly driven by innovation, digital enterprise, intellectual property and creative talent, our role is not only to provide platforms for capital formation but to help build the ecosystem that allows these sectors to scale sustainably,” he said.
The discussions at the summit also focused on broader themes including artificial intelligence, data ownership, creator economics, diaspora capital and emerging investment opportunities within Africa’s technology ecosystem.
The comments reflect a growing push among policymakers and financial leaders to diversify African investment strategies beyond resource-based sectors and support industries increasingly shaping the continent’s next phase of economic growth.
