BY CHIKA OKEKE, Abuja
The African Export-Import Bank (Afreximbank) has aligned with States to explore bankable projects, investment and partnerships that support industrialisation, value addition and stronger regional value chains.
Specifically, the bank will collaborate with the Cross River State Government, Nigeria Governors Forum (NGF) and the Forum of State Investment Promotion Agencies in Nigeria (FoSIPAN) to convene the sixth African Sub-Sovereign Governments Network (AfSNET) Investment Conference.
The event, scheduled for Calabar, Cross River State, in November, garners African sub-sovereign governments, investors, financial institutions and development partners to advance investment-ready projects, partnerships and intra-African trade opportunities across the continent.
AfSNET provides a platform for the participants to contribute more directly to intra-African trade, industrialisation and implementation of the African Continental Free Trade Area (AfCFTA).
Since its inception, AfSNET has convened more than 1,400 delegates across five editions, with 21 African countries represented, and facilitated over US$3.2 billion in investment opportunities and transactions.
The investment opportunities include the US$40 million Med Aditus Pharmaceuticals project in Kisumu, Kenya, which is under preparation and envisages a manufacturing plant with capacity to produce at least two billion tablets and capsules annually for the treatment of non-communicable diseases.
In Nigeria, the Cross River State Government appointed Afreximbank as financial adviser for the development of the US$1.7 billion Bakassi Deep Seaport project, which has the potential to strengthen maritime trade connectivity and support industrial and logistics development.
But in South Africa, the US$871 million Nyanza Light Metals project is under development and involves a titanium dioxide pigment manufacturing plant with a planned annual capacity of 80,000 metric tonnes, supporting mineral beneficiation and industrialisation.
AfSNET will majorly focus on investment promotion, project preparation and direct engagement between sub-sovereign governments, investors and development partners.
The three-day programme will include investment promotion training, project preparation workshops, investment showcases, discussions on Special Economic Zones, business-to-government deal rooms and investment pitch sessions designed to connect sub-sovereign governments directly with financiers and investors.
Sessions will also explore opportunities in tourism and the creative economy, trade-enabling infrastructure and regional economic integration.
Speaking on the conference, Governor of Cross River State, Senator Bassey Otu said that hosting the sixth AfSNET provides Cross River State with an important opportunity to engage African and international investors, demonstrate the breadth of investment opportunities within the State and build partnerships that can support sustainable economic development.
"We look forward to welcoming the governments, businesses, financiers and development partners to Calabar and to demonstrate the important role that sub-sovereign governments can play in driving trade and investment under the AfCFTA," he added.
Highlighting the critical role of sub-sovereign governments in their respective countries, Executive Vice President Intra-African Trade and Export Development, Afreximbank, Mrs Kanayo Awani hinted that sub-sovereign governments are central to Africa’s economic transformation, as they reside in the continent's hub for production, infrastructure development and investment.
She added: "Through AfSNET, we are creating a practical platform through which states, provinces and countries can strengthen project preparation, connect viable opportunities with capital and build the productive capacity needed to expand intra-African trade.
The sixth AfSNET investment conference will place particular emphasis on bankable projects, investment mobilisation and partnerships that can support industrialisation, value addition and stronger regional value chains.
Afreximbank recognises sub-sovereign governments as critical to the implementation of the AfCFTA given their proximity to local businesses, infrastructure, productive sectors and communities.
AfSNET aims to translate continental trade ambitions into productive investment and economic activity within Africa’s states, provinces and counties by strengthening project preparation, investment promotion and access to capital.
The 2026 conference seeks to strengthen practical links between investment opportunities and capital, while providing participating authorities with the knowledge, networks and tools needed to develop projects capable of attracting long-term financing.
Comments
Post a Comment