Funmi Ogundare
Afreximbank, in partnership with the Cross River State Government, the Nigeria Governors’ Forum and the Forum of State Investment Promotion Agencies in Nigeria, will convene the sixth African Sub-Sovereign Governments Network Investment Conference (AfSNET) in Calabar from November 12 to 14, 2026, as the state intensifies efforts to attract investment and expand agricultural production.
The conference, scheduled to hold at the Calabar International
Centre, will focus on mobilising investment, developing bankable projects and strengthening intra-African trade.
It comes as Cross River secured a commitment of more than $20 million from ValueFronteira Limited to develop a 4,000-hectare oil palm plantation in Yala Local Government Area over five years.
A statement by Afreximbank said AfSNET had facilitated more than $3.2 billion in investment opportunities and transactions since its establishment in 2021. The network has convened more than 1,400 delegates across five editions, with 21 African countries represented.
The sixth edition, themed “The Role of Sub-Sovereigns in Catalysing Development Through Trade and Investment,” is expected to bring together African sub-national governments, investors, financial institutions and development partners to advance investment-ready projects, partnerships and intra-African trade opportunities.
The three-day programme will feature investment promotion training, project preparation workshops, investment showcases, discussions on Special Economic Zones, business-to-government deal rooms and investment pitch sessions designed to connect sub-national governments directly with financiers and investors.
Speaking on the conference, Cross River State Governor, Senator Bassey Otu, said hosting the event would provide the state with an opportunity to engage African and international investors, showcase its investment opportunities and build partnerships to support sustainable economic development.
“Hosting the sixth AfSNET Investment Conference provides Cross River State with an important opportunity to engage African and international investors, demonstrate the breadth of investment opportunities within the state and build partnerships that can support sustainable economic development,” he said. Otu said the state looked forward to welcoming governments, businesses, financiers and development partners to Calabar.
Also speaking, Afreximbank’s Executive Vice-President, Intra-African Trade and Export Development, Mrs Kanayo Awani, said sub-sovereign governments were central to Africa’s economic transformation because much of the continent’s production, infrastructure development and investment took place at that level.
She said AfSNET provided a platform for states, provinces and counties to strengthen project preparation, connect viable opportunities with capital and build the productive capacity needed to expand intra-African trade.
“The sixth AfSNET Investment Conference will therefore place particular emphasis on bankable projects, investment mobilisation and partnerships that can support industrialisation, value addition and stronger regional value chains,” Awani added.
Among the investment opportunities associated with the network is the $40 million Med Aditus Pharmaceuticals project in Kisumu, Kenya. The project, which is under preparation, envisages a manufacturing plant capable of producing at least two billion tablets and capsules annually for the treatment of non-communicable diseases.
Established in 2021, AfSNET provides a platform for African states, provinces, counties, municipalities and other sub-sovereign authorities to showcase investment opportunities, engage investors and financiers, improve project development capabilities and contribute to intra-African trade, industrialisation and the implementation of the African Continental Free Trade Area.
Cross River Secures $20m Oil Palm Investment
Meanwhile, the Cross River State Government has signed a concession agreement with ValueFronteira Limited for the development of a 4,000-hectare oil palm plantation in Ijiegu Yache and adjoining clans in Yala Local Government Area, with the company committing more than $20 million to the project over five years.
The project is expected to create thousands of jobs and boost agricultural production in six clans: Ijiegu, Wonye, Uchu, Ichui, Ukani and Ewor. It forms part of the state government’s agricultural transformation agenda aimed at strengthening food security, promoting rural development and improving livelihoods.
Speaking at a stakeholders’ meeting and site handover ceremony in Ijiegu Yache, the Managing Director of ValueFronteira Limited, Maurice Ekpong, said the company would invest more than $20 million over five years to establish the plantation.
He said the project would generate thousands of employment opportunities and significantly transform the economies of the host communities and the state.
Traditional rulers, community representatives, youths and women leaders welcomed the investment, expressing optimism that it would create jobs, particularly for young people, and stimulate economic activities across the communities.
The Clan Head of Wonye, HRH Mohie Damian Ododo, described the project as a dream come true and pledged the collective support of the clan heads for its successful implementation. He also affirmed ValueFronteira as a corporate member of Yache land.
Other traditional rulers and representatives at the event included HRH Mohie Isaac Omaji, Clan Head of Ijiegu; HRH Mohie Innocent Okaiiba Aji, Clan Head of Ichui; HRH Mohie Ogar Idazor, Clan Head of Ukani; H.H. Augustine Obozor, representing Ewor Clan; and H.H. Pius Idagu, representing Uchu Clan.
In his remarks, the Senior Special Assistant to the Governor and Director-General of the Bureau of Public Private Partnerships, Dr Francis Ntamu, said the concession process was transparent and competitive, leading to ValueFronteira’s emergence as the preferred investor.
He disclosed that the project had received the full approval of the State Executive Council, adding that it aligned with the government’s drive to attract investment and strengthen critical sectors of the economy.
Ntamu said the state government expected the investment to help position Cross River as a major agribusiness destination in Nigeria while advancing food security, rural development and economic empowerment.
“The development is expected to expand commercial agricultural activities in Yala, create employment opportunities and stimulate economic growth in the host communities,” he said.
The government delegation also included the Permanent Secretary, Ministry of Environment and Solicitor-General of the state, Rosemary Onah, and Brian Ugbe, a director in the Ministry of Agriculture, who represented the Commissioner for Agriculture.