Cross River State & Afreximbank Sign Hosting Agreement For AfSNET 2026 Investment Conference

African Export-Import Bank (Afreximbank) and the Government of Cross River State have officially signed a Hosting Agreement for the 6th African Sub-Sovereign Governments Network Investment Conference 2026, marking a significant milestone in regional cooperation and investment promotion across Africa. 

The agreement was signed during the Sub-Sovereign Business Engagement session held on the margins of the ongoing Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria. It was signed by the President & Chairman of the Board of Directors of Afreximbank, Prof Benedict Oramah and the Executive Governor of Cross River State, H.E Prince Bassey Edet Otu.

The agreement formalises Cross River State’s role as the official host of the 2026 AfSNET Investment Conference, scheduled to take place in Calabar, Cross River State, Nigeria. The event will convene sub-sovereign leaders, investors, development partners, and key stakeholders to explore trade and investment opportunities across Africa’s regions.

AfSNET, launched by Afreximbank in 2021 in collaboration with the AfCFTA Secretariat, serves as a platform to strengthen the role of Sub-Sovereign entities in driving intra-African trade and development.  The annual conference aims to put city and state governments at the centre of intra-African trade. The 2026 edition will spotlight investment-ready projects, facilitate matchmaking between investors and local governments, and promote regional integration.

Speaking during the signing ceremony, President Oramah said: “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.”

Speaking at the same event, Secretary General of the AfCFTA Secretariat, H.E. Wamkele Mene said: “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. Let us seize this moment to empower our sub-sovereigns, accelerate the AfCFTA, and build an Africa that is more connected, inclusive, and globally competitive”.

Executive Governor of Cross River State, Prince Bassey Edet Otu, expressed enthusiasm for the opportunity:  “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 for AfSNET 2026 are already underway, with both parties committed to delivering a world-class event. The conference will feature plenary sessions, exhibitions, B2B meetings, and cultural showcases, offering a dynamic environment for dialogue and deal-making.

This year’s Sub-Sovereign Business Engagement in Algiers marks its fifth edition since 2021, when it was founded. It was attended by governors, mayors, and leaders of sub-sovereign governments from across Africa and the Caribbean. Past editions of the conference were held in Durban, South Africa (2021), Abuja, Nigeria (2022), Cairo, Egypt (2023), and Kisumu, Kenya (2024). The annual event brings together sub-national leaders from across the continent to exchange ideas on how to promote development in African regions.

Some of the projects that have materialised from the AfSNET initiative include funding for industrial parks and Special Economic Zones in Ogun State, Nigeria, supporting deep seaport development in Cross River State, Nigeria, and helping prepare major projects like the Nyanza Light Metals initiative in KwaZulu-Natal in South Africa for bankability, and supporting feasibility and bankability studies for  Africa’s first blockchain-enabled, continuous manufacturing facility for essential medicines in Kisumu, Kenya.