By Olivia Hart

About $2 billion in Afreximbank financing could support bankable projects in Cross River State, but only properly identified proposals will qualify. The distinction makes this a project-development exercise rather than a ceremonial funding announcement.

Dr Gainmore Zanamwe, Afreximbank’s director of Trade Facilitation and Investment Promotion, raised the prospect during the flag-off of the sixth African Sub-Sovereign Governments Network Investment Conference, AfSNET 2026, at the International Convention Centre in Calabar on Thursday. The facility offers Cross River a route to capital, although the bank has expressed interest rather than announced a final allocation.

Over the next three days, Afreximbank plans to show state officials how to access the fund and turn individual project concepts into bankable proposals. Zanamwe said: “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 presented access to the facility as a central conference task.

What must Cross River do before the money moves?

The bank’s message was direct: financing does not begin with a broad business idea or an approach to investors. It begins with a defined project that the state can make bankable. Afreximbank will begin training states on how to identify suitable projects during the conference.

That sequence matters because an investment pipeline requires projects before it can attract investors. Cross River’s investment-promotion agencies need to identify assets and structure proposals in a form that financial institutions can assess. The training covers how to move from a state’s development vision, under its governor, to projects ready for investors.

Zanamwe advised states to select two or three sectors in which they hold a comparative advantage rather than spread their pitch across many industries. Each state should package those priorities for investors, establish initial success and then use that record to expand. The strategy prioritises a manageable number of credible propositions over a broad catalogue of unfinished ideas.

Which route can project sponsors use?

Afreximbank identified two potential routes for raising capital. A sponsor can prepare a project, make it bankable and approach institutions such as Afreximbank directly. Alternatively, a sponsor can develop a pitch deck to generate interest from prospective investors. The routes separate a formal bankable submission from an early investor-relations exercise.

The programme will equip state investment-promotion agencies to build continuing pipelines of bankable projects. This gives governors a defined deadline and a mechanism for presenting those projects: Cross River’s governors will pitch on November 13 and 14. Sponsors will therefore need to convert state policy into a concise, credible investment proposition before those sessions.

Why African investors matter to Cross River

Zanamwe promoted the concept of Africa Direct Investment, under which African investors should receive recognition for their understanding of local culture and operating conditions. He argued that investors arriving from another African market, including Lagos, should receive the same privileges and incentives normally offered to investors from America.

The proposal would make regional and continental capital more competitive within Cross River’s investor proposition. It also places a policy question before state authorities: if the state seeks investment through its wider economic-revival programme, the terms offered to African investors will shape whether they choose Cross River over other markets.

Bassey Otu’s administration has begun positioning the state around that proposition. Pastor Ekpenyong Cobham, Cross River’s commissioner for Information and Orientation, spoke on the governor’s behalf and welcomed investors. Cobham said: “With Cross River State’s agrarian economy being rejuvenated by this administration, for the first time a very deliberate attempt is being taken to be able to make sure that our diverse products are being properly processed to meet international standards.”

What changes for businesses now?

Cross River businesses should expect the immediate emphasis to fall on preparation, documentation and sector selection rather than an open call for applications. The clearest near-term signal is the November 13-14 pitch schedule. Sponsors will need a bankable structure or a persuasive pitch deck, tied to one of the state’s comparative strengths, before presenting the proposition to financiers.

The state government says it will use the financing opportunity to support a processing system capable of meeting international standards and rebuild the economy. Cobham said the government was ready to build a holistic system that would restore the state’s lost economic prominence.

For investors, the practical test will be whether Cross River can convert the $2 billion opportunity into disciplined, executable proposals. The facility supplies the potential source of capital; the state still controls the quality of the projects brought to the table.