The African Export-Import Bank (Afreximbank) is targeting $3.2bn in investment opportunities and transactions through its African Sub-Sovereign Governments Network (AfSNET), as it seeks to strengthen industrialisation, expand intra-African trade and improve access to finance for regional governments. Its sixth investment conference will take place in Calabar, Cross River State, from November 12 to 14, 2026.
The conference presents Nigeria with an opportunity to address a longstanding weakness in its economic development strategy. State governments often announce ambitious infrastructure and industrial projects without completing the financial, technical and commercial work required to attract private investment.
Afreximbank wants to close this gap by connecting sub-national governments with financiers, investors and development partners. The initiative could improve Nigeria’s industrial capacity and help domestic businesses access African markets. However, its success will depend on whether the investment opportunities presented at the conference become funded projects that generate measurable economic returns.
From Investment Pitches to Bankable Projects
AfSNET was established in 2021 to help African states, provinces, counties and municipalities identify investment opportunities and access financing. According to Afreximbank, the network has attracted more than 1,400 delegates across five editions, with participation from 21 African countries. It has also facilitated over $3.2bn in investment opportunities and transactions.
These figures demonstrate the platform’s reach. They do not, however, establish that the entire amount has been invested or that the projects have reached completion.
That distinction will define the importance of the Calabar conference.
The event will bring together the Cross River State Government, the Nigeria Governors’ Forum (NGF), the Forum of State Investment Promotion Agencies in Nigeria (FoSIPAN), financial institutions and private investors.
Its programme will include investment promotion training, project preparation workshops, investment showcases, business-to-government deal rooms and investor pitch sessions.
These activities address an important problem in African development finance. A government may identify a commercially attractive opportunity but lack the feasibility studies, financial projections, environmental assessments, legal arrangements and revenue models required by lenders.
Investors need evidence that projects can generate sufficient cash flow to repay financing and deliver acceptable returns. Governments must also demonstrate that they can manage construction risks, honour contracts and maintain infrastructure after completion.
Afreximbank’s approach could help bridge this gap by improving project preparation and connecting credible proposals with appropriate sources of capital.
The central question is whether the bank and participating governments can convert conference commitments into financial close, construction and sustained economic activity.
AfCFTA Creates a Larger Market for Nigerian Industry
The investment initiative comes as African governments seek to implement the African Continental Free Trade Area (AfCFTA), which aims to establish a more integrated continental market.
The economic opportunity is considerable. Afreximbank’s African Trade Report 2025 recorded a 12.4 percent increase in intra-African trade in 2024, bringing its value to $220.3bn. Total African merchandise trade increased by 13.9 percent to $1.5tn during the same period. Yet Africa accounted for only 3.3 percent of global exports.
These figures reveal the opportunity for regional governments to expand production and reduce dependence on exporting unprocessed commodities.
Nigeria could benefit by increasing the production of processed agricultural goods, pharmaceuticals, construction materials, fertilisers, chemicals, textiles and manufactured consumer products.
A larger continental market would allow Nigerian manufacturers to sell beyond domestic consumers. Greater demand could support larger production runs, improve economies of scale and encourage investment in machinery, technology and skilled labour.
The World Bank estimates that deeper implementation of AfCFTA, including reforms to investment, competition and other economic rules, could increase African incomes by 9 percent, or $571bn, by 2035 compared with its baseline scenario. The reforms could also create 18 million additional jobs. The figures represent projected gains rather than guaranteed outcomes.
Afreximbank’s strategy seeks to help state governments participate in this opportunity. Sub-national authorities control or influence industrial land, local infrastructure, investment promotion, agricultural development and several business regulations.
Their decisions can determine whether manufacturers obtain suitable sites, reliable electricity, transport connections and access to workers.
This makes state-level investment planning an essential part of Nigeria’s continental trade strategy.
Why Cross River’s $1.7bn Seaport Matters
Cross River State’s proposed $1.7bn Bakassi Deep Seaport provides a practical example of the infrastructure ambitions associated with the initiative.
The state government has appointed Afreximbank as financial adviser to the project, which is expected to strengthen maritime connectivity and support industrial and logistics development.
A deep seaport could create opportunities for shipping, warehousing, cargo handling, manufacturing, distribution and export-oriented businesses. It could also encourage investors to establish processing facilities near transport infrastructure, reducing the distance between factories and export markets.
However, the economic value of a port depends on more than its construction.
A commercially viable seaport needs sufficient cargo volumes, efficient customs procedures, reliable road and rail connections, competitive handling charges and predictable operating arrangements. Without these supporting systems, expensive infrastructure can remain underused.
Nigeria’s logistics constraints illustrate the risk. The US Department of Commerce identifies poor road conditions, infrastructure deficits, customs delays and high operating costs as obstacles to the country’s logistics sector.
The Bakassi project must therefore demonstrate how it will attract shipping lines, generate cargo demand and compete with established ports in Nigeria and neighbouring countries.
Its financial structure also requires scrutiny. Investors need clarity on construction costs, financing terms, concession arrangements, projected revenues and the allocation of commercial risks between the state and private operators.
Afreximbank’s advisory role could help establish a credible financial framework. Nevertheless, the appointment of a financial adviser does not constitute a financing commitment or guarantee that construction will proceed.
For Cross River, the objective should be to build an economically productive maritime and industrial corridor rather than a port that depends indefinitely on public support.
The Technology Behind Better Investment Decisions
Although AfSNET is primarily an investment and development platform, its objectives depend on the effective use of technology and economic data.
Project preparation can benefit from digital systems that bring together information on land availability, transport networks, electricity supply, water resources, labour, agricultural production and existing industrial facilities.
State investment agencies could use geographic information systems to identify suitable industrial locations and assess their proximity to roads, ports, farms and markets.
Digital project-management platforms could also track feasibility studies, procurement stages, financing applications, construction milestones and operational performance.
These systems would help governments provide investors with consistent information while reducing uncertainty about project readiness.
Technology could also improve transparency. Publishing project costs, procurement records, financing agreements and implementation updates would enable citizens, investors and oversight institutions to monitor public-private partnerships.
Afreximbank’s wider trade infrastructure offers additional opportunities. Its African Trade Gateway includes the Pan-African Payment and Settlement System (PAPSS), which supports cross-border payments in African currencies.
PAPSS could help businesses reduce their reliance on intermediary currencies for eligible transactions and simplify some payment processes. Its practical benefits will depend on participating financial institutions, transaction costs, currency availability and adoption by businesses.
A manufacturer in Nigeria seeking to sell goods elsewhere in Africa needs more than a trade agreement. It also needs affordable payments, reliable logistics, recognised product standards and access to trade finance.
Connecting these systems could make cross-border commerce more efficient and strengthen regional supply chains.
What Nigerian States Must Do Differently
The main challenge for participating governments is to develop projects that can survive commercial scrutiny.
Afreximbank’s Executive Vice-President for Intra-African Trade and Export Development, Kanayo Awani, has identified sub-national governments as central to Africa’s economic transformation because much of its production, infrastructure development and investment takes place at that level.
Her position supports an important economic argument: national trade agreements cannot deliver their full benefits when local governments lack the capacity to prepare and implement productive investments.
Nigeria’s states must therefore improve the quality of their investment proposals.
First, governments should identify sectors where they possess clear competitive advantages. Agricultural processing may be suitable for states with strong farm production, while others may have opportunities in tourism, mineral processing, industrial parks or logistics.
Second, each proposal should include an independently assessed feasibility study, a credible revenue model, transparent procurement arrangements and clear environmental and social safeguards.
Third, governments should distinguish between projects that can attract private capital and those that require public funding because their social benefits cannot generate sufficient commercial revenue.
Roads, electricity distribution, water systems and other public infrastructure may require blended financing involving government resources, development finance and private investment.
Finally, states must establish measurable targets for jobs, local procurement, exports, tax revenue and project completion.
These measures would help investors compare opportunities and hold project sponsors accountable.
The Investment Risks Nigeria Cannot Ignore
The $3.2bn target is ambitious, but investment conferences cannot compensate for weak institutions or inconsistent economic policies.
Investors must assess political risk, contract enforcement, currency exposure, infrastructure reliability and the capacity of state governments to meet their financial obligations.
There is also a danger that governments will prioritise impressive announcements over commercially viable investments.
Large infrastructure projects can create construction jobs and stimulate demand for local suppliers. Their longer-term contribution depends on whether they reduce production costs, attract businesses and generate enough economic activity to justify their financing.
Governments must also guard against excessive public guarantees that transfer commercial losses to taxpayers.
A credible investment framework should disclose contingent liabilities, establish clear procurement rules and provide independent oversight of project delivery.
The conference should consequently be judged by more than the value of projects presented or agreements signed. The stronger indicators will be financing secured, construction commenced, businesses established, exports generated and sustainable jobs created.
Can Afreximbank Turn $3.2bn Into Economic Growth?
Afreximbank’s AfSNET investment conference offers Nigeria an opportunity to connect state-level development priorities with continental trade and industrialisation.
Its potential benefits extend beyond infrastructure financing. Better project preparation, digital investment systems, efficient cross-border payments and stronger links between producers and regional markets could improve business productivity and encourage industrial investment.
Cross River’s proposed Bakassi Deep Seaport illustrates both the opportunity and the challenge. The project could support maritime trade and industrial development, but its economic value will depend on commercial viability, supporting infrastructure and effective management.
For Nigeria, the wider objective should be to turn investment opportunities into productive assets that increase exports, create jobs and strengthen domestic supply chains.
Afreximbank has established a platform for governments to meet investors and develop projects. The next stage requires transparent financing, sound economic planning and measurable delivery.
The real achievement will not be announcing $3.2bn in investment opportunities. It will be demonstrating how much capital reaches viable projects and how effectively those projects improve Nigeria’s industrial capacity and competitiveness across Africa.
