Afreximbank, Cross River State sign $2bn deals to boost South-South investments

Afreximbank has signed a landmark $2 billion investment deal with Cross River State to catalyse sub-sovereign trade and economic growth across Africa.

The agreement was announced at the ongoing Intra-African Trade Fair, organised by Afreximbank in Algiers, Algeria, aimed at placing state and city governments at the centre of Africa’s trade-led development strategy.

The deal is designed to unlock private sector investment, deepen regional value chains, and drive intra-African trade in line with the goals of the African Continental Free Trade Area (AfCFTA). The expected impact includes job creation, Micro, Small and Medium Enterprises (MSME) growth through supply linkages, improved public services, and the fast-tracking of trade-enabling projects from plan to execution.

The $2 billion commitment by Afreximbank is set to support subnational governments in mobilising capital, building infrastructure, and anchoring long-term partnerships with the private sector and continental institutions. The initiative signals a shift toward empowering local governments as engines of inclusive economic development.

The signing ceremony featured key dignitaries, including Benedict Oramah, president and executive chairman of Afreximbank, and Kanayo Awani, the Bank’s executive vice president. Bassey Otu, governor of Cross River State, was represented by the Chairman of the Nigerian Governors’ Forum, Governor of Kwara State, AbdulRahman AbdulRazaq, who also witnessed the signing.

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The partnership positions Cross River State as a model for subnational engagement in continental trade and investment, paving the way for other African states and cities to follow.

Speaking at the signing ceremony, Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), said “we believe that sub sovereigns are uniquely positioned to support cross border trade, to support industrial development and to invest in renewable energy and ensure inclusion of small medium enterprises for operatives and informal trainers.”

“We must, however, remain mindful of the pressing challenges rapid urbanization, youth unemployment and displacement of people from rural communities to urban cities. The evidence is clear, trade and investment are catalysts for job creation, innovation and improved quality,” he said.

Oramah said the support is flexible enough to meet diverse needs.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.