Cross River to Host AfSNET 2026 as Afreximbank Signs Landmark Agreement

The signing was officiated by Prof Benedict Oramah, President and Chairman of Afreximbank, and H.E. Prince Bassey Edet Otu, Executive Governor of Cross River State.

The African Export-Import Bank (Afreximbank) and the Government of Cross River State, Nigeria, have officially signed a hosting agreement for the 6th African Sub-Sovereign Governments Network Investment Conference (AfSNET), marking a major step in advancing intra-African trade and investment cooperation. The agreement was concluded during the Sub-Sovereign Business Engagement session at the Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria.

The signing was officiated by Prof Benedict Oramah, President and Chairman of Afreximbank, and H.E. Prince Bassey Edet Otu, Executive Governor of Cross River State. The 2026 edition of AfSNET is scheduled to take place in Calabar, Cross River State, Nigeria, positioning the state as a hub for investment in Nigeria and West Africa.

AfSNET's Growing Role in African Integration

Launched in 2021 by Afreximbank in partnership with the African Continental Free Trade Area (AfCFTA) Secretariat, AfSNET was created to empower sub-sovereign governments—states, cities, and provinces—as engines of economic growth. The platform enhances their role in shaping trade policy, mobilising investment, and promoting development at grassroots levels.

The 2026 conference will focus on investment-ready projects, matchmaking between investors and local governments, and fostering regional integration. According to Afreximbank, this will strengthen Africa's collective capacity to implement the AfCFTA while ensuring that development initiatives originate at the community level.

Leaders on the Significance of AfSNET 2026

Prof Oramah reflected on the original vision of AfSNET:

"When Afreximbank launched AfSNET in 2021, our vision was clear: to amplify the voices of sub-sovereign governments in shaping economic policy, unlocking investment opportunities, and accelerating trade across Africa. We firmly believe that development must be decentralised, originating where the needs are most pronounced in our cities, provinces, counties, and regions and cascading outward to influence national and continental progress."

Echoing this sentiment, AfCFTA Secretary General H.E. Wamkele Mene stressed the importance of local governance in driving continental transformation:

"Africa's integration and transformation will not be achieved from the top down alone. It will be built from the ground up; in municipalities, states, and provinces where policy becomes reality in people's lives. AfCFTA provides the framework, IATF provides the marketplace, and AfSNET is the bridge between local power and continental impact."

Governor Otu expressed his excitement over Cross River's selection:

"We are honoured to host AfSNET 2026 and showcase Cross River as a gateway to investment in Nigeria and West Africa. This event will catalyse economic growth, foster partnerships, and elevate our state's profile on the continental stage."

Preparations and Conference Features

Preparations for AfSNET 2026 are already underway, with commitments to deliver a world-class event. The conference will feature:

• Plenary sessions on trade, finance, and governance.

• Exhibitions and showcases highlighting investment opportunities.

• B2B meetings connecting investors with sub-sovereign leaders.

• Cultural showcases promoting African heritage and cross-cultural understanding.

By combining dialogue with deal-making platforms, AfSNET 2026 aims to unlock billions in investment for African regions.

Building on Past Successes

The Sub-Sovereign Business Engagement in Algiers marked the fifth edition since AfSNET's inception. Past conferences were hosted in Durban, South Africa (2021), Abuja, Nigeria (2022), Cairo, Egypt (2023), and Kisumu, Kenya (2024). Each edition has built momentum for empowering sub-national entities and expanding their role in trade and development.

Projects materialised from AfSNET initiatives include:

• Development of industrial parks and Special Economic Zones in Ogun State, Nigeria.

• Support for the deep seaport development in Cross River State.

• Preparation of the Nyanza Light Metals initiative in KwaZulu-Natal, South Africa.

• Bankability studies for Africa's first blockchain-enabled continuous manufacturing facility for essential medicines in Kisumu, Kenya.

Regional Impact

By hosting AfSNET 2026, Cross River State will not only highlight Nigeria's investment potential but also reinforce its role as a gateway to West Africa. The conference is expected to attract governors, mayors, investors, development partners, and stakeholders from across Africa and the Caribbean, making it one of the most significant gatherings of sub-national leaders on the continent.

As Africa continues to deepen economic integration under the AfCFTA, AfSNET stands as a bridge between local governance and continental transformation—ensuring that Africa's growth story is driven not just by national governments, but also by the regions and communities that form the foundation of its progress.