Afreximbank has signed a landmark $2 billion investment agreement with Cross River State, and the deal now positions the Nigerian state as a model for subnational engagement in Africa’s trade and development agenda.
The Bank announced the agreement at the Intra-African Trade Fair in Algiers, Algeria, and at the same time outlined its strategy to place states and cities at the heart of Africa’s trade-led growth.
Unlocking Trade And Jobs
The initiative will unlock private sector capital, deepen regional value chains, and advance intra-African trade in line with the African Continental Free Trade Area (AfCFTA).
As a result, it will create jobs, expand opportunities for small businesses, improve public services, and accelerate the delivery of trade-enabling projects.
With this $2 billion commitment, Afreximbank will help subnational governments mobilise funding, build infrastructure, and forge long-term partnerships with private investors and continental institutions.
Consequently, the move shifts more economic responsibility to local governments and empowers them as catalysts for inclusive and sustainable development.
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Voices From The Signing
At the signing ceremony, Afreximbank president Benedict Oramah and executive vice president Kanayo Awani joined AbdulRahman AbdulRazaq, Governor of Kwara State and Chairman of the Nigerian Governors’ Forum, who represented Cross River’s Governor, Bassey Otu.
During the event, Secretary-General of the AfCFTA, Wamkele Mene, welcomed the agreement and emphasised that subnational governments can drive cross-border trade, industrialisation, renewable energy, and SME inclusion.
However, he cautioned that Africa must urgently tackle urbanisation, youth unemployment, and rural displacement.
“The evidence is clear,” he said.
“Trade and investment catalyse jobs, innovation and improved quality of life.”
In conclusion, Oramah affirmed that Afreximbank designed its support with flexibility so that states and cities can adapt it to their diverse needs.
