Barbara Bako, Abuja.
The African Export-Import Bank (Afreximbank) is set to push bankable investment projects across Africa as it convenes the sixth African Sub-Sovereign Governments Network (AfSNET) Investment Conference in Calabar, Cross River State, from Nov. 12 to 14.
The conference will bring together African state and local governments, investors, financial institutions and development partners to advance investment-ready projects, expand intra-African trade and improve access to financing for development initiatives.
Afreximbank in a statement on Wednesday said previous editions of the conference had attracted more than 1,400 delegates from 21 African countries and facilitated investment opportunities and transactions valued at over $3.2 billion.
The sixth edition, to be held at the Calabar International Convention Centre, will focus on converting investment opportunities into bankable projects capable of attracting long-term financing.
Organised in partnership with the Cross River State Government, Nigeria Governors’ Forum (NGF) and the Forum of State Investment Promotion Agencies in Nigeria (FoSIPAN), the conference is themed, “The Role of Sub-Sovereigns in Catalysing Development Through Trade and Investment.”
Established by Afreximbank in 2021, AfSNET provides a platform for states, provinces, counties and municipalities to promote investment opportunities, strengthen project development and connect with potential financiers.
The initiative also seeks to deepen the implementation of the African Continental Free Trade Area (AfCFTA) by extending trade and investment opportunities to subnational governments, where much of the continent’s productive activity and infrastructure development take place.
Among the projects highlighted under the network are the proposed $1.7 billion Bakassi Deep Seaport in Cross River State, for which the state government has appointed Afreximbank as financial adviser.
The proposed seaport is expected to strengthen maritime trade connectivity while supporting industrial and logistics development.
Other projects include the $40 million Med Aditus Pharmaceuticals project in Kisumu, Kenya, which is under preparation and envisages a manufacturing facility with an annual production capacity of at least two billion tablets and capsules for treating non-communicable diseases.
In South Africa, the $871 million Nyanza Light Metals project is under development.
It involves a proposed titanium dioxide pigment manufacturing plant with an annual capacity of 80,000 metric tonnes, aimed at supporting mineral beneficiation and industrialisation.
The Calabar conference will feature investment promotion training, project preparation workshops, investment showcases, business-to-government deal rooms and investment pitch sessions designed to connect public authorities directly with investors and financiers.
Participants will also examine opportunities in special economic zones, tourism, the creative economy, trade-enabling infrastructure and regional economic integration.
Governor Bassey Otu of Cross River State said hosting the conference would provide an opportunity to showcase the state’s investment potential and build partnerships to support sustainable economic development.
“Hosting the sixth AfSNET Investment Conference 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,” Otu said.
He added that the state looked forward to welcoming governments, businesses, financiers and development partners to Calabar and demonstrating the role subnational governments could play in advancing trade and investment under the AfCFTA.
Kanayo Awani, Afreximbank’s Executive Vice-President for Intra-African Trade and Export Development, said subnational governments were central to the continent’s economic transformation because of their proximity to production, infrastructure and investment activities.
She said AfSNET was designed to help state and local authorities improve project preparation, connect viable proposals with capital and strengthen the productive capacity required to expand trade within Africa.
According to Awani, the conference will prioritise bankable projects, investment mobilisation and partnerships that promote industrialisation, value addition and stronger regional value chains.
Afreximbank said the initiative would help participating governments acquire the expertise, networks and tools needed to turn development priorities into commercially viable projects.
The conference is expected to strengthen links between subnational investment opportunities and available financing, supporting efforts to translate the AfCFTA’s continental trade ambitions into productive investment and economic activity across African states and regions.
Good production costs money and you can support what we do. Please find our details below👇🏾👇🏾👇🏾 Account name: MARKET ONLINE MEDIA Bank: UBA Acc No: 1026401930.
