African governments and private investors have been urged to turn 134 identified investment opportunities across 14 sectors into viable projects to boost industrialisation and trade across the continent.
The call was made at the 6th African Sub-Sovereign Governments Network (AfSNET) Investment Conference in Calabar, Cross River State, where participants outlined responsibilities for sub-national governments, national authorities, the African Export-Import Bank (Afreximbank) and private investors.
A communiqué presented by Cross River State Governor, Bassey Otu, at the end of the conference said the investment opportunities had an indicative value of approximately $9.5m and needed to be advanced towards investment readiness and implementation.
The conference, held from November 12 to 14 at the Calabar International Convention Centre, focused on the role of sub-national governments in promoting development through trade and investment.
It was organised under the auspices of Afreximbank and hosted by the Cross River State Government in partnership with the Nigerian Governors’ Forum.
The communiqué urged sub-sovereign governments to maintain consistent, investor-friendly policies, encourage direct investment between African countries and promote local value addition.
It also asked state and regional authorities to share information about Afreximbank’s financing and trade support products with businesses and other stakeholders.
National governments and relevant institutions were tasked with simplifying customs procedures and trade documentation, improving cross-border infrastructure and supporting trade facilitation measures.
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Among the initiatives highlighted was the Africa Collaborative Transit Guarantee Scheme, which is designed to reduce delays and the cost of moving goods across African borders.
Afreximbank and development partners were also urged to provide financing, advisory services, trade facilitation and capacity-building support for eligible sub-national projects.
The conference recalled Afreximbank’s $2bn financing commitment to support the trade and investment needs of AfSNET members.
It also acknowledged the bank’s initiatives covering project preparation, industrialisation, market access and trade facilitation, including support for special economic zones, the African Trade Distribution Company, the African Buyers Programme and border market infrastructure.
Other initiatives highlighted included transit guarantees, the Export Agriculture for Food Security Initiative, African Quality Assurance Centres, the Africa Trade Gateway, MANSA and the Intra-African Trade Fair.
Private investors, project developers and operators were encouraged to pursue commercially viable partnerships capable of supporting industrialisation, productive investment and trade among African countries.
Participants also examined opportunities in maritime and border infrastructure, special economic zones, tourism, the orange economy and other sectors with potential to expand intra-African trade.
Vice-President Kashim Shettima represented President Bola Tinubu at the conference, declared the event open and performed the groundbreaking ceremony for the proposed Bakassi Deep Seaport.
The conference reaffirmed the commitment of participating stakeholders to converting Africa’s sub-national economic potential into productive investments, stronger intra-African trade, wider economic opportunities and sustainable development.
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