Mo Abudu’s Nigerian media company, EbonyLife Media has announced a collaboration with the International Finance Corporation and the African Development Bank for the creation of a pan-African investment vehicle targeted at the region’s film sector. The collaboration aims to improve access to financing for productions that promote original African stories around the world.
The company, which currently holds strategic collaborations with global media companies, including Sony Pictures Television, Westbrook Studios, Starz, Macro Film Studios, and Idris Elba’s 22 Summers, has been at the forefront of the expansion of the African movie industry.
EbonyLife Media
Ebonylife Media, founded in 2013 by Nigerian media entrepreneur Mo Abudu, is a pioneering African entertainment company that has grown into a multifaceted media group with a global footprint. Headquartered in Lagos with offices in London and Los Angeles, the company operates four key divisions: Ebonylife TV, Films, Studios, and the Creative Academy.
Collaboration Terms
The latest collaboration is in line with the IFC’s strategy to expand Africa’s creative industries, recognizing the sector’s potential to drive job creation, especially for youth, promote inclusive narratives, and stimulate economic growth across emerging markets.
According to UNESCO, Africa’s film sector currently supports approximately 5 million jobs and contributes $5 billion to the continent’s GDP in spite of financing and piracy challenges. IFC, AfDB, and Ebony Life are exploring ways in which they can crowd in more capital into African film productions and support the expansion of the film industry at scale while working with governments to introduce protection of intellectual property and film incentives, essential to strengthen the economics of film production on the continent.
Institution Response
“Africa’s creative economy is a cultural asset and an engine for inclusive growth, youth employment, and global influence. Through this partnership, we aim to unlock new capital for the continent’s storytellers, helping them bring authentic African voices to international platforms while boosting job creation in one of the most dynamic sectors of the future,” said Dahlia Khalifa, Regional Director for Central Africa and Anglophone West Africa at IFC.
Ousmane Fall, The African Development Bank Group’s Director for Private Sector Operations, said: “This collaboration reflects the African Development Bank Group’s growing interest in creative industries as a growth sector supporting entrepreneurship and job creation for young people and women in Africa.
“By joining forces with EbonyLife, Nigeria’s premium media conglomerate, and IFC, a like-minded DFI institution, we are seeking to support the creation of a sustainable investment vehicle for film production in Africa”. He noted.
On her part, Mo Abudu, CEO, EbonyLife Media, said, “This has been a long time coming. For nearly two years, I’ve been quietly laying the groundwork, defining and building an ecosystem designed to scale, to unlock opportunity, and to provide the vital capital African filmmakers need to create stories that resonate across borders and generations.
“Today, I am thrilled and deeply proud to welcome the IFC and AfDB on this journey. Together, we will identify ways in which we can catalyze a new era of African storytelling that can thrive on the global stage,” she concluded.
