The African Export-Import Bank (Afreximbank) has earmarked $2bn to finance bankable projects across African sub-national governments, including Cross River State, as it seeks to promote investment, industrialisation and economic development across the continent.

The bank’s Director of Trade Facilitation and Investment Promotion, Dr Gainmore Zanamwe, disclosed this on Thursday in Calabar during a media briefing ahead of the sixth African Sub-Sovereign Governments Network Investment Conference, AfSNET 2026.

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Zanamwe said the facility was available to support viable projects, dismissing concerns that inadequate funding remained the biggest obstacle to development in African states.

“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.

He explained that access to the funding would depend on the quality of projects submitted by state governments, rather than simply identifying development needs and approaching financial institutions for assistance.

According to him, governments must first establish clear economic development priorities, identify sectors with strong investment potential and prepare projects that meet the requirements of financiers.

“Once you start from that big vision, you cannot do everything. You need to focus. Identify two or three sectors that you really need to focus on and promote,” Zanamwe said.

He identified two major ways state governments could attract capital: developing bankable projects that meet the financing requirements of institutions such as Afreximbank, or preparing investment proposals capable of attracting private-sector investors.

The conference, holding from November 12 to 14 at the Calabar International Convention Centre, is expected to provide practical guidance on project identification, preparation and investment promotion.

Governors and other state representatives are also expected to present their investment proposals to potential financiers and investors during sessions scheduled for November 13 and 14.

Zanamwe further disclosed that Afreximbank’s investment promotion initiative had facilitated investment opportunities worth more than $3bn over the past five years, trained over 2,000 people and worked with 21 African countries.

He called on state governments and private-sector operators to demonstrate greater commitment to developing viable projects, stressing that available financing could only translate into economic growth when properly structured proposals were presented.

Speaking on behalf of Cross River State Governor, Bassey Otu, the Commissioner for Information and Orientation, Pastor Ekpenyong Cobham, said the state was seeking to use its agricultural potential to revive its economy.

Cobham said the government was working to improve the processing of agricultural products to meet international standards and attract investment.

He added that the administration was ready to partner with investors to develop an integrated system covering the production, processing and marketing of agricultural commodities.

Cross River is also among the states seeking to attract investment through tourism, culture and the creative economy, sectors identified as having significant potential at the conference.

The AfSNET conference is bringing together African sub-national governments, development finance institutions, investors and private-sector operators to explore investment opportunities and financing partnerships.

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Established by Afreximbank in 2021, the platform aims to help states and other sub-national authorities develop investment-ready projects, strengthen trade and attract capital to their economies.