#Nigeria #Afreximbank #Cross River #Calabar #Africa Investment

Cross River State Forms Strategic Partnership with Afreximbank

In a significant move for regional economic cooperation, the African Export-Import Bank (Afreximbank) and the Government of Cross River State have formalized a hosting agreement for the upcoming 2026 AfSNET Investment Conference. This important agreement was signed during a business engagement session at the Intra-African Trade Fair (IATF 2025) held in Algiers, Algeria, and represents a key milestone in enhancing investment across Africa.

The signing ceremony featured prominent figures including Professor Benedict Oramah, Chairman of the Board of Afreximbank, and S.E. Prince Bassey Edet Otu, the Executive Governor of Cross River State. This collaboration establishes Cross River as the official venue for the AfSNET 2026 Investment Conference, a pivotal event set to take place in Calabar, Nigeria, bringing together sub-national leaders, investors, development partners, and key stakeholders to explore business and investment opportunities throughout Africa.

Launched by Afreximbank in 2021 in partnership with the African Continental Free Trade Area (AfCFTA) Secretariat, AfSNET serves as a crucial platform for bolstering the role of sub-national entities in fostering intra-African trade and development. The annual conference is designed to elevate municipal and regional governments within the intra-African trade dialogue, highlighting investment-ready projects, facilitating connections between investors and local governments, and promoting regional integration.

During the signing event, Professor Oramah emphasized the vision behind AfSNET: “When we launched AfSNET in 2021, we aimed to amplify the voices of sub-national governments in economic policy formulation, unlock investment opportunities, and accelerate trade across Africa. Development must be decentralized, originating where needs are most pronounced in our cities, provinces, counties, and regions, and then spreading outwards to influence national and continental progress.”

Echoing this sentiment, S.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, remarked, “Africa’s integration and transformation will not occur solely from the top down. It will build from the grassroots, in municipalities, states, and provinces, where policies materialize into the lives of people. The AfCFTA provides the framework, IATF offers the market, and AfSNET acts as the bridge between local power and continental impact. Let us seize this opportunity to empower our sub-national entities, accelerate the implementation of AfCFTA, and construct a more connected, inclusive, and globally competitive Africa.”

Governor Prince Bassey Edet Otu expressed enthusiasm for hosting AfSNET 2026, stating, “We are honored to welcome AfSNET 2026 and present Cross River as a gateway for investments in Nigeria and West Africa. This event will catalyze economic growth, foster partnerships, and enhance the profile of our state on the continental stage.” Preparations for AfSNET 2026 are already underway, with both parties committed to organizing a world-class event.

The conference will include plenary sessions, exhibitions, B2B meetings, and cultural presentations, creating a dynamic environment for dialogue and deal-making. The Business Engagement of Sub-Nationals event in Algiers has marked its fifth edition since its inception in 2021, bringing together governors, mayors, and leaders of sub-national governments across Africa and the Caribbean. Previous editions took place in Durban, South Africa (2021), Abuja, Nigeria (2022), Cairo, Egypt (2023), and Kisumu, Kenya (2024), aiming to foster discussions about promoting development in African regions.

Among the notable projects initiated through the AfSNET initiative are funding for industrial parks and special economic zones in Ogun State, Nigeria, the development of a deep-water port in Cross River State, and support for large projects including the Nyanza Light Metals initiative in KwaZulu-Natal, South Africa, with a focus on securing funding. Additionally, feasibility studies and financing support for the first fully continuous essential medicine manufacturing plant in Africa, utilizing blockchain technology in Kisumu, Kenya, are ongoing.

For more information, visit Intra-African Trade Fair.

About the Intra-African Trade Fair

The Intra-African Trade Fair (IATF), organized by Afreximbank, the African Union Commission (AUC), and the AfCFTA Secretariat, aims to provide a unique platform facilitating the exchange of trade and investment information to bolster intra-African trade and investment. Especially in the context of the implementation of the African Continental Free Trade Agreement, the IATF brings together continental and global players to showcase their products and services while exploring business and investment opportunities across the continent. It also serves as a platform for sharing trade, investment, and market insight with stakeholders, allowing participants to discuss and identify solutions to challenges facing intra-African trade and investment. In addition to African participants, the fair is also open to companies and investors from non-African countries interested in engaging in business in Africa and eager to assist in the continent's transformation through industrialization and export development.