Financing Africa’s creative industries
Marie Lora-Mungai is an entrepreneur, author, speaker and investor. She is also, and above all, a leading consultant working to structure Africa’s burgeoning cultural and creative industries sector. Her unique background, from the corridors of CNN in New York to the bustling metropolises of Lagos and Nairobi, gives her an intimate understanding of the continent’s challenges and opportunities. Discover how Marie Lora-Mungai is working to transform Africa’s creative potential into an industry that generates jobs and growth.
A singular career in the service of African creativity
Marie Lora-Mungai’s path to expertise in African CCIs is the fruit of a bold, self-taught trajectory. After studying in France, she began her career as a journalist with CNN in New York. But the call of the field was stronger. In 2006, she left everything behind to settle in Kenya, with no job and no contacts, a decision that marked the beginning of her African immersion.
There, she became a correspondent for AFP, Reuters and the BBC, covering a dozen countries. It was during this period that she observed the continent’s creative ebullience and technological innovation, well before the “Africa Rising” narrative. This curiosity led her to entrepreneurship. Her first venture: co-founding a production company in Kenya in 2009, which enabled her to launch the local version of “Les Guignols de l’info”, the “XYZ show”. The show was a resounding success, with over 10 million viewers and 14 seasons. At the same time, Marie is developing a mobile video-on-demand platform, a pioneer in Africa, acquired by the Trace group in 2016, as well as a talent management agency.
This hands-on experience in 27 African countries has given her unique expertise. Today, Marie puts this knowledge to work for major groups (Warner Brothers, Netflix, Twitter) looking to expand in Africa, and for investors (AFD, World Bank, private funds) looking to finance CCIs. Her role: to provide market analyses, develop investment strategies and design financial tools.
The ICC explosion and the investment challenge
Marie Lora-Mungai has witnessed the radical transformation of African CCI over the past 15 years. The advent of the Internet, social networking and streaming platforms has broken down barriers, enabling African creativity to reach a global audience. The explosion of genres such as Afrobeat and Nollywood is the most obvious proof of this, but this dynamic has had repercussions across all sectors.
This effervescence has attracted financial flows. “There have been around 3 billion funds released for the creative industries in Africa from major backers,” reveals Marie. Money is no longer the issue. The real challenge now lies in the ability of entrepreneurs to be “ready to receive that money”. Many creative businesses are still informal or lack business management and financial skills, making them unattractive to investors looking for a return on their investment. Marie’s new hobbyhorse is to “raise the skill level of entrepreneurs” so that they can meet private investment standards.
African soft power: a lever for development
The cultural and creative industries are a powerful lever of “soft power” for Africa, shaping the continent’s image on a global scale. Marie is pleased to note that many African governments have grasped the strategic importance of this subject. Nigeria, for example, has created a new Ministry of Creative Economy, Arts, Culture and Tourism. Countries such as Benin, Senegal, Côte d’Ivoire, Rwanda and Morocco are stepping up their efforts, launching major projects to support their CCIs.
This political commitment validates the role of CCIs as massive providers of jobs for young people and women, contributing directly to economic growth. By radiating positively through their culture and artists, these countries attract other investments and projects, creating a virtuous circle of development.
The future of African CCIs
For the next five years, Marie Lora-Mungai identifies several urgent issues and opportunities for African CCIs:
- Structuring and alliances: It’s imperative for entrepreneurs to understand how to structure themselves and “talk to investors”. Marie pushes the idea of creating alliances, joint ventures or mergers to form “bigger companies” and thus attract larger investments.
- The impact of artificial intelligence (AI): AI is disrupting ecosystems, particularly production processes and job types. While Africa has historically had an advantage in terms of production costs, AI is leveling the playing field. Competition will now be based on ideas and the ability to adapt these technological tools. Marie warns of the urgent need for Africa to grasp these issues if it is not to fall behind.
- The arrival of international players: Big names in sports (NBA, NFL) and entertainment (Livenation) continue to arrive in Africa, validating the global interest in the market. This is a major opportunity, but one that requires local players to know how to capitalize on.
A message for young African entrepreneurs
For young African entrepreneurs looking to innovate in CCI with technology, Marie Lora Mungaï delivers a clear message: “Start with the problem, not the buzz.” The continent is full of real challenges that are also opportunities. We shouldn’t expect perfect conditions or substantial funding, but rather “use what you have, stay close to your users, and build something that genuinely helps them.”
She encourages us not to shy away from venturing into sectors that are “often misunderstood or underestimated”. Fashion, music, cinema, art – these industries shape the perception of Africa in the world. Technology can structure them and make them more sustainable. Finally, perseverance is key: “Innovation isn’t just about speed. It’s about staying committed, even when it’s hard.” Meaningful work will speak louder over time. “Keep it up. Africa needs your ideas.”
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