Afreximbank facilitates $3 billion investment in 21 countries – Official

The African Export-Import Bank (Afreximbank) says its African Sub-Sovereign Governments Network (AFSNET) has facilitated investment opportunities worth over $3 billion across 21 African countries, including Nigeria, in five years.

Gainmore Zanamwe, director of Trade Facilitation and Investment Promotion at Afreximbank, disclosed this on Thursday in Calabar during a news conference at the sixth edition of the AFSNET platform.

Mr Zanamwe said the initiative had also trained more than 2,000 people in investment promotion, entrepreneurship and project development to strengthen their capacity to identify opportunities and attract financing.

He explained that the platform was established in 2021 to extend Afreximbank’s development interventions beyond national governments to states and other sub-national authorities.

According to him, the initiative seeks to connect entrepreneurs, investors and financial institutions while enabling states to maximise opportunities in agriculture, manufacturing, tourism and the creative industry.

He said the platform was also designed to ensure that young African entrepreneurs benefited from opportunities created by the African Continental Free Trade Area (AfCFTA).

Mr Zanamwe explained that although AfCFTA was negotiated by national governments, sub-national authorities and businesses needed to understand its provisions and position themselves to benefit from emerging continental markets.

He said the initiative was helping businesses identify investment opportunities, develop bankable projects and access potential investors beyond their immediate environments.

He added that Nigerian entrepreneurs could explore markets in countries such as South Africa and Ghana, as well as other destinations across the continent.

The director said Afreximbank was targeting all 55 African countries but prioritising those that need technical support to build their investment promotion capacity.

He disclosed that 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. From Afreximbank, we say no. The $2 billion is there.

“We have this facility ready to finance projects. We will be showing you how you can tap into the $2 billion to do your projects,” he said.

Clear investment visions

Mr Zanamwe urged state governments to develop clear investment visions, identify priority projects and package them appropriately to attract investors and financial institutions.

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He said Afreximbank was 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 within the continent to finance viable projects in other African countries.

He said the sixth edition of the network would also prepare Nigerian businesses and investment institutions for the next Intra-African Trade Fair, scheduled to be held in Lagos from 5 November to 11 November 2027.

Mr Zanamwe said the broader objective was to stimulate intra-African trade, promote industrialisation and create decent employment opportunities, particularly for young people across the continent.

He expressed optimism that the engagement would strengthen collaboration among governments, entrepreneurs, investment promotion agencies and financial institutions.

The News Agency of Nigeria reports that this year’s AFSNET edition will be held in Calabar between Thursday and Sunday.