Afreximbank to Showcase $3.2bln Investment Opportunities at Nigeria Conference

The African Export-Import Bank (Afreximbank) will convene a conference in Nigeria next month to connect African sub-national governments with investors and financiers, building on a network that has facilitated more than US$3.2 billion in investment opportunities and transactions since 2021.

The sixth African Sub-Sovereign Governments Network (AfSNET) Investment Conference will take place in Calabar, Cross River State, from November 12 to 14, bringing together government officials, financial institutions, investors and development partners to advance projects and trade opportunities across the continent.

The conference, organised in partnership with the Cross River State Government, the Nigeria Governors Forum and the Forum of State Investment Promotion Agencies in Nigeria, will focus on moving investment proposals towards bankable projects and financing agreements.

AfSNET has convened more than 1,400 delegates across five editions, representing 21 African countries, according to Afreximbank. Established in 2021, the network seeks to help states, provinces, counties and municipalities attract investment and participate more directly in intra-African trade and implementation of the African Continental Free Trade Area (AfCFTA).

Projects associated with the network include the proposed US$1.7 billion Bakassi Deep Seaport in Nigeria, for which the Cross River State Government appointed Afreximbank as financial adviser. The project is intended to strengthen maritime connectivity and support industrial and logistics development.

Other investment opportunities include the US$40 million Med Aditus Pharmaceuticals manufacturing project in Kisumu, Kenya, which is under preparation and is designed to produce at least two billion tablets and capsules annually, and the US$871 million Nyanza Light Metals project in South Africa, which is under development and envisages an annual production capacity of 80,000 tonnes of titanium dioxide pigment.

The Calabar conference will include project preparation workshops, investment promotion training, project showcases and sessions on special economic zones, tourism, the creative economy and trade-enabling infrastructure. Business-to-government deal rooms and investment pitches will give participating authorities opportunities to present projects directly to potential financiers.

Kanayo Awani, Afreximbank’s executive vice-president for intra-African trade and export development, said the conference would place particular emphasis on project preparation, investment mobilisation, industrialisation and regional value chains.

Cross River State Governor Bassey Otu said hosting the event would provide an opportunity to present investment prospects in the state and establish partnerships with African and international investors.

Afreximbank established AfSNET to help sub-national governments develop investment projects and connect them with capital, with the aim of translating AfCFTA objectives into investment, production and trade at the local level.

Source: FSX Business News