Afreximbank unveils $2bn funding for states at Calabar conference

….Bank says facility targets infrastructure, industrialisation, intra-African trade By Ike Uchechukwu, Calabar The African Export-Import Bank (Afreximbank) has unveiled a $2 billion financing commitment for sub-sovereign entities, including states in Nigeria, to support infrastructure development, industrialisation and intra-African trade. The bank’s Director of Trade Facilitation and Investment Promotion, Dr.

Gainmore Zanamwe, disclosed this at a pre-conference briefing for the sixth African Sub-Sovereign Governments Network (AfSNET) Investment Conference holding at the Calabar International Convention Centre, Cross River State. The conference, which begins on November 12 and ends on November 14, 2026, is expected to bring together governors, policymakers, investors and other stakeholders to explore investment opportunities across African states.

Zanamwe said AfSNET was established in 2021 after the bank recognised the need to extend its engagement beyond heads of state, ministers and major business operators to governments and economic actors at the grassroots. He explained that the initiative was designed to promote trade, investment and industrialisation at the sub-national level, where governments control critical resources such as land, infrastructure and other assets needed to support production, processing and exports.

According to him, the network seeks to ensure that more value is retained in the communities where agricultural and mineral resources originate through local processing and the production of value-added goods. He said AfSNET would also help states understand and take advantage of the African Continental Free Trade Area (AfCFTA) Agreement by creating opportunities for local producers, particularly young people, to manufacture goods in special economic zones and export them to other African countries.

Zanamwe described the Calabar conference as a preparatory platform for the Intra-African Trade Fair (IATF), scheduled to hold in Lagos from November 5 to 11, 2027. He said the recent Creative Africa Nexus (CANEX) event in Lagos had similarly served as a preparatory exercise for the major trade fair. Speaking on Cross River State’s economic potential, Zanamwe said the bank was impressed by the state’s agricultural opportunities, particularly its palm oil production potential, following engagements with state officials.

He said the state had the capacity to supply agricultural products to Nigeria and other countries, adding that tourism, culture and the creative industry, including the Calabar Carnival, were also areas the bank was willing to support. On the $2 billion financing facility, Zanamwe stressed that it was available to interested states in Nigeria and other African countries, urging the media to create awareness about the opportunity.

“Some people say funding is a problem; from Afreximbank, we say no. The $2 billion is there, commissioner, the $2 billion is there, go and tell your people, you people in the media, go and tell people that money is there,” he said. He explained that the conference would provide participants with guidance on accessing the financing, beginning with a training session on November 12.

The training, he said, would focus on identifying projects aligned with each state’s development vision, selecting two or three priority sectors and packaging proposals into bankable projects or investment pitch decks. Zanamwe also advocated increased intra-African investment, under the concept of Africa Direct Investment, arguing that investors from within the continent should enjoy incentives similar to those offered to investors from Europe and America.

He said African investors had a better understanding of the continent’s business environment, culture and operating conditions, which could strengthen cross-border investments. The opening ceremony is scheduled for November 13, when governors are expected to present their investment projects, while sessions on November 14 will focus on developing a pipeline of bankable projects and creating a conducive investment environment.

Zanamwe disclosed that, in five years, AfSNET had facilitated investment opportunities worth more than $3 billion, trained over 2,000 people in investment promotion and worked with about 21 African countries. He commended Cross River State Governor, Senator Bassey Otu, for his efforts in securing the hosting rights for the conference and ensuring preparations for the event, noting that the venue was still under construction a few months ago.

In his remarks, the Cross River State Commissioner for Information, Pastor Ekpenyong Cobham, described the conference as a historic convergence of determination and economic opportunity. Cobham said the Otu administration was deliberately working towards building an independent sub-national economy, with particular emphasis on processing the state’s agricultural and natural resources to meet international standards.

He said the government was laying the foundatio