Afreximbank helps $3 billion investment across Africa

The African Export-Import Bank (Afreximbank) has announced that its African Sub-Sovereign Governments Network (AFSNET) has helped to create investment opportunities worth over $3 billion in 21 African countries, including Nigeria, in the last five years.

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

Mr Zanamwe said the initiative has also trained more than 2,000 people in investment promotion, entrepreneurship, and project development. This training aims to boost their skills to find opportunities and attract funding.

He explained that the platform started in 2021 to extend Afreximbank’s efforts beyond national governments to states and other local authorities.

The goal is to connect entrepreneurs, investors, and financial institutions, allowing states to take advantage of opportunities in agriculture, manufacturing, tourism, and the creative sector.

Mr Zanamwe noted that the platform is designed to help young African entrepreneurs benefit from opportunities created by the African Continental Free Trade Area (AfCFTA).

He said that although AfCFTA was negotiated by national governments, local authorities and businesses should understand its details to benefit from new continental markets.

The initiative is helping businesses find investment opportunities, create bankable projects, and reach potential investors beyond their local areas.

He added that Nigerian entrepreneurs can explore markets in countries like South Africa and Ghana, along with other locations across the continent.

The director stated that Afreximbank aims to reach all 55 African countries but is focusing on those that need support to improve their investment promotion skills.

He revealed that the bank has also set aside a $2 billion facility under this 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 show you how you can tap into the $2 billion to do your projects,” he said.

Mr Zanamwe encouraged state governments to create clear investment visions, identify priority projects, and package them properly to attract investors and financial institutions.

He mentioned that Afreximbank is also enhancing 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 Africa to fund viable projects in other African countries.

He noted that the sixth edition of the network would also prepare Nigerian businesses and investment institutions for the next Intra-African Trade Fair, which is set to take place in Lagos from 5 November to 11 November 2027.

Mr Zanamwe said the main aim is to boost intra-African trade, promote industrialization, and create decent job opportunities, especially for young people across the continent.

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