By Africa Links 24
Published on 2024-03-05 07:37:58
Afreximbank, in partnership with the Confederation of African Football (CAF) and the Rebranding Africa Forum (RAF), is spearheading initiatives to harness the potential of the sports industry in Africa. This partnership aims to drive economic growth, empower the youth, and promote women’s football across the continent.
The sports industry in Africa is poised for significant growth, with projections indicating an 8% increase over the next 3-5 years, reaching USD 12 billion by 2027. Football, in particular, has seen over 500 African players signed to teams in 11 prominent European leagues. The continent’s vibrant youth population is a key driver of this growth, presenting an opportunity to leverage the sector for economic development.
The collaboration between Afreximbank, CAF, and RAF focuses on key areas such as improving sport infrastructure, advocating for favorable policies, and enhancing capacity building initiatives. The partners aim to propel women’s football forward, recognizing the untapped potential of this segment of the industry.
Afreximbank’s Creative Africa Nexus (CANEX) initiative is working with CAF and RAF to commercialize Africa’s football value chain. By monetizing CAF events and promoting the continent’s creative and cultural industry, the partners hope to create a platform for integrated promotion and commercialization.
Prof. Oramah, President and Chairman of Afreximbank, highlights the organization’s commitment to supporting the sports industry through various interventions such as financing, talent management, capacity building, and policy advocacy. He emphasizes the potential for economic growth and the impact that this collaboration with CAF and RAF can have on driving trade and development in Africa.
Mr. Veron Mosengo-Obam, Secretary General of CAF, expresses gratitude for the partnership with RAF and African financial institutions. This alliance seeks to develop strategies and financial instruments tailored to the needs of the sports industry and the broader sport economy.
Mr. Thierry Hot, President of Rebranding Africa Forum, underscores the power of football as a universal language and a catalyst for change. The alliance with CAF and Afreximbank aims to promote women’s football and stimulate growth across the African creative industry.
In conclusion, the partnership between Afreximbank, CAF, and RAF represents a unique opportunity to harness the potential of the sports industry for economic development in Africa. By focusing on infrastructure, policy advocacy, and capacity building, the partners are paving the way for sustainable growth and empowerment across the continent.
