Afreximbank offers $2bn facility to fund projects in Nigerian states, others

Afreximbank has announced a $2bn financing facility for bankable projects across African states and local governments, urging sub-national authorities to develop investment-ready proposals to access the funds.

The facility was unveiled in Calabar, Cross River State, ahead of the sixth African Sub-Sovereign Conference Network, which opened on November 12 and runs until November 14.

The bank’s Director of Trade Facilitation and Investment Promotion, Dr Gainmore Zanamwe, said the funding was available to states in Nigeria and other African countries to support trade, investment and industrial development.

“Some people say funding is a problem; from Afreximbank, we say no. The $2bn is there, commissioner, the $2bn is there, go and tell your people,” he said at a pre-conference briefing.

Zanamwe said the initiative was designed to help sub-national governments turn their agricultural, mineral and other natural resources into productive investments, rather than exporting raw materials without retaining much of the economic value.

He explained that the conference network was established in 2021 after the bank recognised the importance of engaging governments at the grassroots level.

“We actually realised that they reside in states for Nigeria. For South Africa, it's in the provinces. For Kenya, it's the counties, and for Egypt, it's the governorates,” he said.

According to him, the three-day conference will guide state officials on identifying priority sectors, developing bankable projects and preparing investment proposals for potential financiers.

The opening ceremony is scheduled for November 13, when governors are expected to present their projects. Discussions on November 14 will focus on developing a pipeline of bankable investments and improving the business environment.

Zanamwe said the training sessions would help participants align projects with their states’ development priorities, concentrate on two or three key sectors and prepare pitch decks to attract investors.

He identified agriculture, tourism, culture and the creative industry as areas with significant investment potential in Cross River, citing the state's palm oil production prospects and the Calabar Carnival.

He said the bank was impressed by the state's agricultural resources after engaging officials responsible for the sector, adding that Cross River had the capacity to produce food for Nigeria and other countries.

The Afreximbank official also urged African countries to promote investment within the continent, arguing that African investors should enjoy the same incentives and privileges offered to investors from Europe and America.

He described the approach as “Africa Direct Investment”, saying investors from other African countries understood the continent’s business environment, culture and operating conditions.

Zanamwe added that AFSNET would help states understand the opportunities available under the African Continental Free Trade Area agreement, including how local producers could access markets in countries such as Ghana and South Africa.

He described the Calabar conference as a preparatory platform for the Intra-African Trade Fair scheduled to hold in Lagos from November 5 to 11, 2027.
The director disclosed that AFSNET had facilitated investment opportunities worth more than $3bn over the past five years, trained over 2,000 people in investment promotion and worked with about 21 African countries.

He commended Cross River State Governor Bassey Otu for lobbying to host the conference and supporting preparations for the event.
Also speaking, the state Commissioner for Information, Pastor Ekpenyong Cobham, said the administration was working to build a more independent sub-national economy by processing the state's agricultural and natural resources to meet international standards.

Cobham described the conference as an opportunity to attract investors and develop partnerships that could help revive the local economy.
He urged journalists and participants to use the gathering to strengthen engagement, networking and investment opportunities in the state.