In a significant move aimed at elevating Africa’s burgeoning film industry, Nigerian media production company Next Narrative Africa and Kenyan-based investment firm HEVA Fund have partnered to launch the Next Narrative Africa Fund. The $40 million initiative seeks to empower African filmmakers by providing critical financial backing for movies with budgets ranging from $1 to $5 million. Over the next four years, the fund aims to finance a variety of film projects that not only entertain but also promote narratives focused on African culture, inclusivity, and global issues.
The Next Narrative Africa Fund (NNAF) will offer a combination of equity investments and grants to selected films, helping creatives bring their visions to life. The fund plans to raise and deploy the $40 million in phases, with the first close expected in Q1 2025 and final close by the end of Q4 2025. Initial investments are slated to be made within that same year.
A Growing Interest in African Cinema
Africa’s film and audiovisual industry is becoming a focal point for global investors. Major production hubs like Nigeria’s Nollywood and South Africa’s film sector have consistently delivered impressive returns, with Nollywood reportedly yielding 3x returns for some investors. In recent years, global media giants like Netflix have recognized this potential, investing approximately $178 million in African film content since 2016.
The NNAF represents a pivotal step in securing additional funding for the continent’s storytellers. It aims to support commercially viable projects that have global appeal while addressing significant social and cultural themes. These include gender and racial equity, democracy and governance, climate change, health, and inclusive economic growth.
Vision for the Future of African Storytelling
“Africans on the continent and in the diaspora have always been at the forefront of shaping global culture,” said Akunna Cook, Founder and CEO of Next Narrative Africa. “We’re excited to support creatives who aspire not only to entertain but also to inspire and usher in a new narrative about Africa and people of African descent.”
The goal of the fund is to fuel the global expansion of African storytelling while tackling prevailing narratives about Africa and its people. The initiative will serve as a platform for showcasing the richness and diversity of African culture through cinema, positioning African creatives to compete on a global scale.
Strategic Advisory Board to Guide the Fund
To ensure the success of this initiative, the fund has assembled a strong advisory board composed of leading industry professionals. The advisory board includes experts from various corners of the entertainment world, such as:
- Darcy Heusel of Neon
- Areej Noor of Statement Films
- Dominic Buchanan of Home Team
- Chin Okeke of Misan Partners
These industry veterans will provide guidance on narrative impact, film distribution, and marketability to help African filmmakers secure international audiences.
Strengthening the African Film Ecosystem
Beyond funding individual films, the Next Narrative Africa Fund aims to invest in the broader film and TV ecosystem by providing support for the development of necessary infrastructure. This includes film production facilities, distribution channels, and educational programs for African filmmakers to build sustainable and scalable businesses. These investments are critical for reducing production costs, improving film quality, and boosting the international competitiveness of African films.
Pioneering a New Era for African Cinema
The establishment of the Next Narrative Africa Fund marks a watershed moment for African cinema, providing much-needed investment in a region rich with creative potential but often hampered by limited resources. As filmmakers across the continent look to the future, initiatives like NNAF could help cement Africa as a leading force in global storytelling, moving beyond stereotypes and offering nuanced, complex narratives about African life and culture.
With the support of Next Narrative Africa, HEVA Fund, and the advisory board, the continent’s film industry is poised to scale new heights, creating content that resonates both locally and internationally while redefining Africa’s image on the world stage.
As Cook eloquently summarized, “This is about more than just entertainment. It’s about using cinema to shift perceptions and showcase the vibrant, diverse, and dynamic stories Africa has to offer.”