By Ahmed Ahmed
The African Export-Import Bank (Afreximbank), Cross River State Government, Nigeria Governors’ Forum (NGF) and the Forum of State Investment Promotion Agencies in Nigeria (FoSIPAN) have partnered to attract investment into African sub-national economies through the sixth African Sub-Sovereign Governments Network (AfSNET) Investment Conference.
The conference, themed ‘The role of Sub-Sovereigns in catalysing development through trade and investment,’ is scheduled for November 12 to 14 at the Calabar International Convention Centre in Cross River State.
The gathering is expected to bring together governments, investors, financiers, businesses and development partners to explore investment opportunities, strengthen project development and mobilise capital for economic growth.
Established by Afreximbank in 2021, AfSNET provides a platform for African states, provinces and other sub-national authorities to showcase investment opportunities, engage investors and financiers, and improve their capacity to develop viable projects, according to a statement issued by the bank on Wednesday.
Cross River State Governor, Bassey Otu, said hosting the conference would enable the state to deepen engagement with domestic and international investors while presenting opportunities across its economy.
“Hosting the sixth AfSNET Investment Conference provides Cross River State with an important opportunity to engage African and international investors, demonstrate the breadth of investment opportunities within the state and build partnerships that can support sustainable economic development,” Otu said.
He stated that the state looked forward to demonstrating the role sub-national governments could play in advancing trade and investment under the African Continental Free Trade Area (AfCFTA).
The partnership comes as Cross River seeks to strengthen its maritime economy. Otu has appointed Afreximbank as financial adviser for the proposed $1.7 billion Bakassi Deep Seaport project, which is expected to support the development of the state’s maritime sector.
For Afreximbank, the conference will place particular emphasis on converting investment opportunities into projects capable of attracting financing.
The bank’s Executive Vice President for Intra-African Trade and Export Development, Kanayo Awani, said sub-national governments were critical to Africa’s economic transformation because much of the continent’s production, infrastructure development and investment took place at that level.
“Through AfSNET, we are creating a practical platform through which states, provinces and counties can strengthen project preparation, connect viable opportunities with capital and build the productive capacity needed to expand intra-African trade,” Awani said.
She also said that the conference would prioritise bankable projects, investment mobilisation and partnerships capable of supporting industrialisation, value addition and stronger regional value chains.
For participating states, the central challenge will be translating investor engagement into financed projects, improved infrastructure and productive economic activity. The conference’s impact will therefore depend on the quality of projects presented, their investment readiness and the ability of state governments to provide credible implementation frameworks.
