The African Export-Import Bank (Afreximbank) is seeking to turn more than $3.2bn in investment opportunities and transactions facilitated through its African Sub-Sovereign Governments Network into projects capable of attracting financing and reaching implementation.
The bank will host the sixth African Sub-Sovereign Governments Network (AfSNET) Investment Conference in Calabar, Cross River State, from November 12 to 14, with a focus on connecting state and local governments with investors and financiers.
The initiative, established in 2021, has attracted more than 1,400 delegates from 21 African countries across five editions. It aims to help sub-national governments develop investment-ready projects, improve access to finance and expand trade under the African Continental Free Trade Area (AfCFTA).
The conference, to be held at the Calabar International Convention Centre, is being organised in partnership with the Cross River State Government, the Nigeria Governors’ Forum and the Forum of State Investment Promotion Agencies in Nigeria.
Its theme is “The Role of Sub-Sovereigns in Catalysing Development Through Trade and Investment”.
Afreximbank said the meeting would place greater emphasis on converting investment opportunities into bankable projects that can secure funding and move towards implementation.
The programme will include project preparation workshops, investment promotion training, investment showcases, business-to-government deal rooms and pitching sessions to connect participating governments with potential investors.
Discussions will also cover special economic zones, tourism, the creative economy, trade-enabling infrastructure and regional economic integration.
Cross River State Governor Bassey Otu said hosting the conference would give the state an opportunity to showcase its investment potential and build partnerships with African and international investors.
He said the state looked forward to welcoming governments, businesses, financiers and development partners to Calabar, adding that the event would demonstrate how sub-national governments could advance trade and investment under the AfCFTA.
Afreximbank’s Executive Vice-President for Intra-African Trade and Export Development, Kanayo Awani, said sub-national governments were crucial to the continent’s economic transformation because much of its production, infrastructure development and investment took place at that level.
She said AfSNET was established to help states, provinces and counties prepare viable projects, attract capital and strengthen productive capacity to expand intra-African trade.
Awani added that the forthcoming conference would prioritise bankable projects, investment mobilisation and partnerships to support industrialisation, value addition and stronger regional supply chains.
Cross River State has also appointed Afreximbank as financial adviser for the proposed $1.7bn Bakassi Deep Seaport project, which is expected to improve maritime connectivity and support industrial and logistics development.
The bank said the conference would strengthen links between investment opportunities and available financing, while equipping participating authorities with the expertise and networks needed to attract long-term investment.
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