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From Aniekan Aniekan, Calabar
The African Export-Import Bank (Afreximbank) has unveiled a dedicated $2 billion facility for states and sub-sovereigns across Africa to finance agriculture, processing, export, tourism and other investment projects.
The Director, Trade Facilitation and Investment Promotion at Afreximbank, Dr Gainmore Zanamwe, disclosed this in Calabar ahead of the African Sub-Sovereign Governments Network (AFSNET) 2026, holding from November 12 to 14.
“Some people say funding is a problem. From Afreximbank we say no. The two billion dollars is there,” Dr Zanamwe said.
He said the facility is open to any state in Nigeria or sub-national government across Africa, and the bank will use the three days in Calabar to show states how to access the fund, starting with training on how to identify and package bankable projects.
Dr Zanamwe said the bank is pushing a new concept called Africa Direct Investment – Africans investing in Africa.
“When we talk of investors, people start looking at Europe, America, Asia. From Afreximbank, we want to change that,” he said.
He said a businessman from Lagos investing in Cross River should get the same incentives normally given to someone from America, just as a South African investing in Nigeria should be treated as an investor.
AFSNET, he explained, was created to take trade and investment to the grassroots, where the real people live – in states, provinces and counties.
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“At the local level, most of the states, you have the land, you have the assets, that’s where the roads are,” he said.
He said the goal is to support production, processing and export of value-added goods and ensure value is retained in the states where agricultural and mineral products come from.
He also said the platform will help states benefit from the African Continental Free Trade Area (AfCFTA), so that a young man in Calabar can know how to produce in a special economic zone and export to South Africa, Ghana or other Nigerian states.
Dr Zanamwe said he was surprised by Cross River’s agricultural potential, especially palm oil and other products, after a workshop with state agriculture officials.
He also identified tourism, culture and the creative space, including the Calabar Carnival, as major opportunities often ignored by financial institutions.
The sixth edition of AFSNET, he added, will also help Nigeria prepare for the Intra-African Trade Fair in Lagos next year, from November 5 to 11.
He also emphasised that AFSNET has facilitated opportunities worth more than $3 billion, trained more than 2,000 people on investment promotion, and worked with about 21 African countries.
Also speaking, the Cross River Information Commissioner, Ekpenyong Cobham, said Cross River is ready to showcase its vast agriculture, tourism and transportation potential to the investing public.
