With $40m Investment, Next Narrative Africa Fund Aims to Empower Storytellers

Wakiuru Njuguna, Managing Partner at HEVA, highlighted the need for African and diaspora filmmakers to control their narratives. “We’re keen to invest in projects that will shift the narrative of what Africans and Africans in the diaspora are able to tell, allowing the world to see the continent differently and also see different stories coming out from this side of the world,” Njuguna tells OkayAfrica in an interview. The goal is to provide filmmakers with the resources and freedom to deliver a more authentic, diverse portrayal of African life – stories told from within.

With $30 million in equity financing and $10 million in grants, the fund aims to close the long-standing financing gap for African filmmakers. Although Africa's creative potential is vast, filmmakers currently contribute just $5 billion of the potential $20 billion their content could add to the continent’s GDP. The Next Narrative Africa Fund aims to address this shortfall by providing the support filmmakers need to fully realize both their economic and creative potential.

A core priority of the fund is addressing gender imbalance in the African film industry. Njuguna stresses the need for more women in key roles across production, directing, and technical departments. “We want their stories to be told and feel this will shift how the world looks at the continent. African women are really moving things and making such a huge impact,” says Njuguna, who adds, “the higher up you go, there are fewer women in director roles and technical roles.” The Next Narrative Africa Fund will be elevating African women’s experiences, prioritizing their voices both on screen and behind the scenes and in global media, where they’ve for too long been underrepresented. The fund will also prioritize content centered on themes like gender equity, racial justice, democracy, health, and climate, expanding the range of stories that can emerge from Africa and its diaspora.

The fund’s impact goes beyond storytelling, and promises to deliver tangible economic benefits. By requiring at least 60 percent of production for each project to happen in Africa, it’s set to create thousands of jobs across the continent. “There’s such a ripple effect when you invest in film,” Njuguna shares, “and we’re banking on that ripple effect to create more than 15,000 jobs during the life of the fund.” The focus on local production ensures that African stories are told while boosting the continent’s creative industries, with knock-on effects for sectors like fashion, catering, and tourism.

The fund will also establish a venture studio designed to nurture both emerging and established creatives. Structured support will be offered to those who may struggle with accessing funding or vital industry connections. “We feel the venture studio model allows for a lot more diversity, allows for a lot more [equity],” Njuguna explains. By incubating projects, the studio helps filmmakers develop their concepts and prepare for global distribution. With investments ranging from $1 million to $5 million per project, a pipeline of content will be primed for larger-scale funding. The ambition doesn’t stop here: Njuguna notes that the goal is to catalyze over $200 million in investments into Africa’s film and TV industry over time.

Ultimately, the fund’s success will not only be measured in financial terms but in its ability to foster real, long-lasting change in the industry. “We want to ensure that we’re able to not just measure but also track the impact of the fund, ensuring long-term effects, and what that looks like is something we are incorporating into the structure of the fund,” says Njuguna. She stresses strong dedication to making sure its contributions to African storytelling are felt for years to come. Commercial viability remains key, as well as seeking projects that not only challenge stereotypes but have the potential to be sustainable, both creatively and financially.

The endmost goal is to create a cycle of investment that will continue to fuel Africa’s creative economy well into the future. “As we invest the money, I believe that we’ll be able to signal to the sector and other investors that there’s opportunity,” says Njuguna, adding, “and there is potential for films to be able to not just have a social impact, but also be commercially viable and have a return as well.”

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For more information on The Next Narrative Africa Fund itself and how to be involved or apply, please visit: Next Narrative Africa.