The facility will allow NWTV to acquire broadcasting rights for sports content from major international organisations such as FIFA, UEFA, CAF and Spanish La Liga.
The African Export-Import Bank (Afreximbank) has announced a major milestone with the signing of a €245-million (Sh34,224,050,000) global facility agreement with the New World Television (NWTV) network.
The African Export-Import Bank (Afreximbank) has announced a major milestone with the signing of a €245-million global facility agreement with the New World Television (NWTV) network.
The funding will help finance NWTV’s acquisition of media licensing rights for broadcasting sports events across Africa. These rights will allow NWTV to broadcast selected major sporting events, placing African sports firmly in African hands.
The agreement was finalised on October 17 2024, during the recently concluded CANEX WKND 2024 event.
The facility will allow NWTV to acquire broadcasting rights for sports content from major international organisations, including the International Federation of Football Association (FIFA), Union of European Football Associations (UEFA), Confederation Africaine de Football (CAF), French Ligue, and Spanish La Liga.
Boosting Africa’s sports and creative industry
The financing facility is part of Afreximbank’s CANEX Financing Programme, created under the bank’s Creative Economy Strategy.
This strategy is designed to overcome challenges faced by African enterprises in the creative sector and stimulate the export of African creative products both within and beyond the continent.
It is also a part of Afreximbank’s Sports Development Framework, aimed at promoting the growth of Africa’s sports value chain.
By supporting the acquisition of sports broadcasting rights, Afreximbank is enabling African enterprises to take ownership of African sports content, which has traditionally been controlled by non-African networks.
This shift is expected to significantly enhance local content production, create job opportunities, and boost Africa’s competitiveness in the global market, all while promoting African cultural identity and economic growth.
Leaders’ views on the deal
Mrs Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank, expressed the importance of this agreement.
She stated, “The significance of this facility lies in the powerful impact it will have in empowering African enterprises, especially in the creative sector, to take control of African sports. By acquiring these broadcasting rights, we will see an increase in local content production, the creation of new jobs, and a strengthening of Africa’s position in the global market, while preserving our cultural identity and fostering economic growth. Afreximbank is committed to supporting African enterprises that drive progress in the creative sector, and this transaction reflects that commitment.”
On behalf of NWTV, Mr Louis Biyao, a representative of the Chairman and Chief Executive Officer, highlighted the benefits of the agreement for the network.
He stated, “We are honoured to receive this support, which allows us to streamline our transactions without worrying about currency exchanges. This agreement presents new opportunities for NWTV to offer premium content that is ‘produced by Africans, for Africans, in Africa.’ Our aim is to provide affordable, high-quality content that resonates with African viewers, while remaining accessible to a larger audience.”
Mr Biyao added that NWTV is focused on bringing content closer to African homes by broadcasting in local languages and tailoring content to meet the needs of African audiences.
He emphasised that this approach aligns with NWTV’s mission to revolutionise the African audiovisual landscape.
Impact on African television and sports ecosystem
This financing deal is expected to address the long-standing issue of African sports broadcasts being controlled by international networks.
With NWTV’s new ability to acquire major sports rights, the African media landscape is set to change. African broadcasters will have the opportunity to own and showcase local sports talent, promoting Africa’s rich sporting culture on their own platforms.
Additionally, the development of Africa’s television industry ecosystem is expected to benefit greatly from this deal.
Television stations across the continent will be able to expand their content libraries, leading to increased revenue opportunities from selling advertising space.
NWTV’s focus on broadcasting in local languages will also play a crucial role in increasing the accessibility of sports content for African audiences.
Currently, NWTV broadcasts in seven local languages across 24 African countries. By 2024, the network plans to expand its language offerings to include three additional languages, further enhancing its reach and relevance in the African market.
Conclusion
The €245-million facility granted to NWTV by Afreximbank is a significant step towards placing the control of African sports in African hands.
By empowering African networks to acquire broadcasting rights, this deal is set to enhance local content production, promote job creation, and showcase African sports talent across the continent.