Cross River Eyes Economic Rebirth With $2bn Afreximbank Facility

Afreximbank has expressed interest in financing about $2 billion in bankable projects in Cross River State to boost the state’s economic fortunes.

The Director, Trade Facilitation and Investment Promotion, Afreximbank, Dr Gainmore Zanamwe, stated this during the flag-off ceremony of the 6th African Sub-Sovereign Governments Network Investment Conference (AfSNET 2026), which kicked off at the International Convention Centre in Calabar on Thursday.

He said the bank will, over the next three days, show states how to access the fund to boost their businesses.

“How do you then access the funding? That’s what we’ll be telling everybody over the next three days. We’ll show you how to tap into $2 billion to fund your projects. We’ll make it very simple,” he said.

Zanamwe averred that the financial institution is poised to finance bankable projects. “We have this facility ready to finance projects. Some people say funding is a problem. From Africa, we say no. The $2 billion is there,” he said.

“Commissioner, the $2 billion is there. Go and tell your people. You people in the media, go and tell people that money is there.”

He said interest alone is not enough, as projects must be properly identified and made bankable. “We are starting today with a training on how to identify projects in your states. Some normally start by saying there’s a project in this, and thereafter run to the investors. It doesn’t work that way. We’ll be breaking it down. Under the leadership of your governor, you can start from the vision and say this is the vision in terms of promoting trade and investment in your states,” he said.

He urged states to focus on two or three sectors in which they have a comparative advantage and package them to attract investors. “Once you start from that big vision, you cannot do everything. You need to focus. Identify two or three sectors you really need to focus on and promote. Once you achieve success in those, you can expand. There are two ways in which you can raise capital. You can prepare a project, make it bankable, come to financial institutions like

Afreximbank, or you can just prepare a pitch deck that you can use to generate interest from potential investors.”

He also pushed the concept of Direct Investment in Africa, saying that Africans investing in Africa understand the culture and how things work and should be treated as investors. “Somebody coming from Lagos can invest here in Cross

River, and they should be given the privileges and incentives that are normally given to somebody coming from America,” he said.

He added that the programme will equip investment promotion agencies to build a pipeline of bankable projects, while governors will pitch their projects on November 13 and 14.

Also speaking on behalf of Governor Bassey Otu, Commissioner for Information and Orientation, Pastor Ekpenyong Cobham, welcomed investors to the state. “With Cross River State’s agrarian economy being rejuvenated by this administration, for the first time a very deliberate attempt is being made to make sure that our diverse products are being properly processed to meet international standards,” Cobham said. “The state government is ready to take advantage of that to build a holistic system that will restore the lost glory of the economy of Cross River State.”