The agreement was signed during the Sub-Sovereign Business Engagement session held on the margins of the ongoing Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria.

It was signed by Prof Benedict Oramah, the president & chairman of the Board of Directors of Afreximbank, and Prince Bassey Edet Otu, the executive governor of Cross River State.

The agreement formalises Cross River State’s role as the official host of the 2026 AfSNET Investment Conference, scheduled to take place in Calabar, Cross River State, Nigeria.

The event will convene sub-sovereign leaders, investors, development partners, and key stakeholders to explore trade and investment opportunities across Africa’s regions.

AfSNET, launched by Afreximbank in 2021 in collaboration with the AfCFTA Secretariat, serves as a platform to strengthen the role of Sub-Sovereign entities in driving intra-African trade and development.  The annual conference aims to put city and state governments at the centre of intra-African trade.

The 2026 edition will spotlight investment-ready projects, facilitate matchmaking between investors and local governments, and promote regional integration.

Speaking during the signing ceremony, President Oramah said:

“When Afreximbank launched AfSNET in 2021, our vision was clear: to amplify the voices of Sub-Sovereign governments in shaping economic policy, unlocking investment opportunities, and accelerating trade across Africa. We firmly believe that development must be decentralised, originating where the needs are most pronounced in our cities, provinces, counties, and regions and cascading outward to influence national and continental progress.”

Speaking at the same event, Wamkele Mene, secretary general of the AfCFTA Secretariat, said:

“Africa’s integration and transformation will not be achieved from the top down alone. It will be built from the ground up; in municipalities, states, and provinces where policy becomes reality in people’s lives. AfCFTA provides the framework, IATF provides the marketplace, and AfSNET is the bridge between local power and continental impact. Let us seize this moment to empower our sub-sovereigns, accelerate the AfCFTA, and build an Africa that is more connected, inclusive, and globally competitive”.

Prince Bassey Edet Otu, executive governor of Cross River State, expressed enthusiasm for the opportunity:

“We are honoured to host AfSNET 2026 and showcase Cross River as a gateway to investment in Nigeria and West Africa. This event will catalyse economic growth, foster partnerships, and elevate our state’s profile on the continental stage.”

Preparations for AfSNET 2026 are already underway, with both parties committed to delivering a world-class event. The conference will feature plenary sessions, exhibitions, B2B meetings, and cultural showcases, offering a dynamic environment for dialogue and deal-making.

This year’s Sub-Sovereign Business Engagement in Algiers marks its fifth edition since 2021, when it was founded.

It was attended by governors, mayors, and leaders of sub-sovereign governments from across Africa and the Caribbean.

Past editions of the conference were held in Durban, South Africa (2021), Abuja, Nigeria (2022), Cairo, Egypt (2023), and Kisumu, Kenya (2024).

The annual event brings together sub-national leaders from across the continent to exchange ideas on how to promote development in African regions.

Some of the projects that have materialised from the AfSNET initiative include funding for industrial parks and Special Economic Zones in Ogun State, Nigeria, supporting deep seaport development in Cross River State, Nigeria, and helping prepare major projects like the Nyanza Light Metals initiative in KwaZulu-Natal in South Africa for bankability, and supporting feasibility and bankability studies for  Africa’s first blockchain-enabled, continuous manufacturing facility for essential medicines in Kisumu, Kenya.

Nigeria’s Minister of the Federal Ministry of Industry, Trade and Investment, Hon. Jumoke Oduwole noted that intra-African trade has been improving.

“Intra African trade exports grew by over 13% from last year supported by new trade corridors and the initial success of AfCFTA’s guideline initiatives. Nigerian businesses are already key participants, exporting, ceramics, garments, pharmaceuticals and agro products across the continent,” Jumoke said in a keynote address delivered to the Nigeria IATF2025 Business Roadshow that brought together government officials, the trade community, including businesses and investors, and executives from African Export-Import Bank (Afreximbank).

The event focused on promoting intra-African trade under the theme: ‘Harnessing Regional and Continental Value Chains: Accelerating Africa’s Industrialisation and Global Competitiveness through AfCFTA.’

The Nigeria IATF2025 roadshow is one of the five in a series of five high-level events in key cities including Nairobi, Accra, Johannesburg, and Algiers ahead of the fourth edition of the biennial Intra-African Trade Fair (IATF) that will be held in Algiers, Algeria from 4 – 10 September 2025 under the theme ‘Gateway to New Opportunities’.

IATF is Africa’s premier trade and investment event that serves as a crucial platform for fostering economic growth, collaboration, and innovation across the continent.

Addressing the forum, Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni noted that the IATF offers an unparalleled platform for the exchange of trade and investment information and is a marketplace of ideas, opportunities, and partnerships.

“With frameworks like AFCFTA and platforms like IATF we now have the tools to bridge the trade gap, boost Intra African trade and tremendously grow our economies in a sustainable and inclusive way. We need to build structured, sustainable and competitive value chains that can power inclusive growth both here in Nigeria and across the continent in Africa. We know that AfCFTA promises to be the largest single market in the world, connecting 1.3 billion people across 54 countries in Africa,” Ms Ayeni said.

Building on this, Executive Vice President, Intra-African Trade and Export Development at Afreximbank, Kanayo Awani highlighted the tangible results the platform has already delivered across the continent and in Nigeria especially.

“In just three editions, IATF has achieved what once felt aspirational: over $100 billion in trade and investment deals, more than 70,000 participants, and 4,500+ exhibitors from across 130 countries.

This is not a conference, it is Africa’s trade engine, designed to connect our producers, unlock demand, and operationalise the promise of the AfCFTA. And in every edition—whether in Cairo, Durban, or beyond, Nigeria has not just participated. Nigeria has led.

At IATF2023 alone, Nigerian enterprises generated over $11 billion in signed deals, the highest of any country. Nigeria always shows up. Nigeria delivers,” Mrs Awani added.

IATF2025 is a platform for boosting trade and investment in Africa. The last edition held in Cairo attracted nearly 2,000 exhibitors from 65 countries and generated US$43.7 billion in trade and investment deals.

Some of the activities lined up for the week-long IATF2025 include a trade exhibition by countries and businesses; the Creative Africa Nexus (CANEX) programme with a dedicated exhibition and summit on fashion, music, film, arts and craft, sports, literature, gastronomy and culinary arts; a four-day Trade and Investment Forum featuring leading African and international speakers; and the Africa Automotive Show for auto manufacturers, assemblers, original equipment manufacturers and component suppliers.

“As we talk about expanding and unlocking new the trade markets, we must recognize the creative economy as a serious trade frontier. Platforms such as CANEX led by Afreximbank are proving that African culture is bankable not just beautiful,” The Minster of the Federal Ministry of Industry, Trade and Investment added in her address.

Special Days will also be held at IATF2025, dedicated for countries as well as public and private entities to showcase trade and investment opportunities, and tourism and cultural attractions, as well as Global Africa Day to highlight commercial and cultural ties between Africa and its diaspora, featuring a Diaspora Summit, market and exhibition, cultural and gastronomic showcase.

Also planned is a business-to-business (B2B) and business-to-government (B2G) platform for matchmaking and business exchanges; the AU Youth Start-Up programme showcasing innovative ideas and prototypes; the Africa Research and Innovation Hub @IATF targeting university students, academia and national researchers to exhibit their innovations and research projects; the Trade Exhibition offering large corporations and SME’s the opportunities to showcase their goods and services, the Trade and Investment Forum, a four day conference featuring sessions and training discussing trade opportunities and barriers.

Others are the Creative Africa Nexus (CANEX), a showcase of African and Diaspora creative talent, the Special Days segment offering countries, private and public sectors the opportunity to sponsor their special event on specific days, the Africa Automotive show, a platform for auto manufacturers to exhibit their products and interact with potential buyers, IATF Virtual, an interactive online platform that will continue after the live event is over, Diaspora Day highlighting the commercial and cultural ties between Africa and its diaspora and the African Sub-Sovereign Governments Network (AfSNET) to promote trade, investment, educational and cultural exchanges at the local level. The IATF Virtual platform is already live, connecting exhibitors and visitors throughout the year.