Prime Highlights-
- Afreximbank has unveiled a $2 billion facility for African states and sub-sovereign governments.
- The fund will finance agriculture, processing, export, tourism and other investment projects.
Key Facts-
- The sixth edition of AFSNET runs in Calabar, Nigeria, from 12 to 14 November 2026.
- AFSNET has facilitated opportunities worth more than $3 billion and trained over 2,000 people.
Background-
The African Export-Import Bank (Afreximbank) has unveiled a dedicated $2 billion facility for states and sub-sovereign governments across Africa. The fund will finance projects in agriculture, processing, exports, tourism and other sectors.
Dr Gainmore Zanamwe, Director of Trade Facilitation and Investment Promotion at Afreximbank, announced the facility in Calabar, Nigeria. He spoke ahead of the African Sub-Sovereign Governments Network (AFSNET) 2026, which runs from 12 to 14 November.
Any Nigerian state or sub-national government in Africa can apply. The bank will also train officials to identify and prepare bankable projects.
Zanamwe also promoted an idea called Africa Direct Investment, which encourages Africans to invest in Africa. He said African investors should get the same treatment as foreign investors.
AFSNET takes trade and investment to the grassroots: the states, provinces and counties where people live. According to Zanamwe, the network has facilitated opportunities worth more than $3 billion, trained over 2,000 people in investment promotion and worked with about 21 African countries.
The sixth edition will also help Nigeria prepare for the Intra-African Trade Fair, set for Lagos from 5 to 11 November 2027.
Zanamwe pointed to Cross River State’s strong agricultural base, especially palm oil, along with its tourism potential and the Calabar Carnival. He added that the platform can help states use the African Continental Free Trade Area (AfCFTA) to grow exports.
Cross River Information Commissioner Ekpenyong Cobham said the state is ready to showcase its potential to investors.
