Afreximbank signs $100m deal with Silverbird to build film studio in Lagos

The African Export-Import Bank (Afreximbank) has signed a partnership agreement with Silverbird Group for the construction of a “world class” film studio complex in Lagos, Nigeria.

The agreement was signed by Helen Brume, director, project and asset-based finance, Afreximbank and Ben Murray-Bruce, founder of Silverbird Group, on the side-lines of the Africa investment forum (AIF) in Côte d’Ivoire, on Thursday.

The deal is worth $100 million – comprising of both debt and equity investment.

A joint statement issued by Afreximbank and Silverbird said the complex would be known as the Ben Murray-Bruce Studios and Film Academy (BMB Studios and Film Academy).

The project, according to the statement, would transform a 32,725 square meter land area in Eko Atlantic City into two purpose-built sound stages, a digital hub with music and broadcast studios, editing bays, screening rooms, studio backlot, production offices and a film academy designed to meet the aspirations of today’s and tomorrow’s content creators.

“The project seeks to accelerate Africa’s lucrative film and television industries, attract large scale international productions to Africa, and establish a creativity cluster which will draw in companies and talents working in similar and related sectors,” the statement reads.

“The project will also increase local employment, stimulate business growth, and equip African talents with world class technical skills and experience in film and television production through the establishment of a film academy.”

The development of the BMB Studios and Film Academy is said to be in line with Afreximbank’s creative Africa nexus (CANEX) initiative, a programme established by the bank to support Africa’s creative and cultural industry.

Speaking on the partnership, Kanayo Awani, executive vice president, Intra African Trade Bank, said the deal was of the utmost importance, not only for the significant support it provides to Africa’s burgeoning film industry, “but especially because of the studio’s multipurpose potential to serve a range of sectors in the creative industries, from music and film to gaming and virtual reality”.

“At Afreximbank, we recognise the power of Africa’s youth and creative talents to catalyse Africa’s trade, create millions of jobs and promote the emergence of national and regional value chains. This industry is bankable, and we aim to support its growth, expansion, and sustainability. Afreximbank is proud to support this project,” Awani added.

On his part, Murray-Bruce said the BMB Studios and Film Academy is a response to Africa’s need for world-class technical skills and facilities that will accelerate the growth of its creative industries sector.

“From Netflix to Madison Square Gardens in New York, audiences are revelling in the magic of African storytelling,” he said.

“Now more than ever does the African continent need the world-class technical skills and facilities that will propel our creative industries to the next level.

“The BMB Studios and Film Academy is a response to this need and one that I believe will be a catalyst to driving agility, expertise and innovation in the African film and television industries.”