The African Export-Import Bank (Afreximbank) reports that its African Sub-Sovereign Governments Network (AFSNET) has facilitated over $3 billion in investment opportunities across 21 African countries, including Nigeria, over the past five years.
Mr Gainmore Zanamwe, Director of Trade Facilitation and Investment Promotion at Afreximbank, announced this on Thursday in Calabar during a news conference at the sixth AFSNET platform event.
Zanamwe added that the initiative has trained over 2,000 individuals in investment promotion, entrepreneurship, and project development to help them identify opportunities and attract financing.
He explained that the platform was established in 2021 to expand Afreximbank’s development efforts beyond national governments to include states and other sub-national authorities.
According to him, the initiative aims to connect entrepreneurs, investors, and financial institutions, enabling states to maximise opportunities in agriculture, manufacturing, tourism, and the creative industries.
He said the platform was also designed to ensure that young African entrepreneurs benefited from opportunities created by the African Continental Free Trade Area. Zanamwe explained that although national governments negotiated AfCFTA, sub-national authorities and businesses need to understand its provisions and position themselves to benefit from emerging continental markets.
He said the initiative helps businesses identify investment opportunities, develop bankable projects, and access potential investors beyond their immediate environments.
He added that Nigerian entrepreneurs can explore markets in countries such as South Africa, Ghana, and other destinations across the continent.
The direThe director said Afreximbank is targeting all 55 African countries, with priority given to those needing technical support to build investment promotion capacity. He said the bank had also committed a two-billion-dollar facility under the initiative to support agricultural production, processing, and exports.
“Some people say funding is a problem. At Afreximbank, we disagree. The $2 billion facility is available. We have this facility ready to finance projects. We will show you how to access the $2 billion for your projects,” he said.d.
Zanamwe urged state governments to develop clear investment strategies, identify priority projects, and package them effectively to attract investors and financial institutions.
He said Afreximbank is also strengthening state investment promotion agencies through training in project identification, development, and investment readiness.
According to him, the platform will promote African Direct Investments by encouraging investors across the continent to finance viable projects in other African countries. He said the sixth edition of the network will also prepare Nigerian businesses and investment institutions for the next Intra-African Trade Fair, scheduled in Lagos from November 5 to 11, 2027.
Zanamwe said the broader objective is to stimulate intra-African trade, promote industrialisation, and create quality employment opportunities, particularly for young people across the continent. He expressed optimism that the engagement will strengthen collaboration among governments, entrepreneurs, investment promotion agencies, and financial institutions.s.This year’s AFSNET edition will be held in Calabar from Thursday to Sunday.
