By Edem Darlington
As Calabar prepares to host the sixth African Sub-Sovereign Governments Network (AfSNET) Investment Conference from November 12 to 14, Cross River State faces a critical test: converting international investment interest into productive industries, sustainable jobs and improved living conditions.
Convened by Afreximbank, the Cross River Government, Nigeria Governors’ Forum and Forum of State Investment Promotion Agencies in Nigeria, the conference will hold at the Calabar International Convention Centre.
The theme is “The Role of Sub-Sovereigns in Catalysing Development Through Trade and Investment.” The programme includes project preparation, investment showcases, Special Economic Zones discussions and business-to-government deal rooms, with emphasis on bankable projects, industrialisation and intra-African trade.
For Cross River, the event must go beyond visibility and help confront poverty, limited processing, weak market access and unemployment.
The NGF Public Finance Database puts the state’s projected 2025 population at 4.69 million across 18 local government areas. Despite priorities including agriculture, tourism, infrastructure and revenue growth, residents face deprivation in education, healthcare, housing and basic services.
The National Bureau of Statistics’ 2022 Multidimensional Poverty Index estimated that 75.4 per cent of residents were multidimensionally poor. Though predating Otu’s administration, the figure underscores the challenge.
Farmers struggle to secure markets, fishers face post-harvest losses, and young people often lack finance, equipment and stable employment. AfSNET could attract investment to address these problems, but projects must respond to local needs rather than generate announcements.
Agriculture offers major opportunities. The state’s investment promotion agency identifies oil palm, cocoa, cassava, rice, yam and plantain as commercial prospects, estimating that agriculture accounts for more than 42 per cent of the economy.
The priority is value addition. Cocoa processing could connect farmers to higher-value markets; cassava plants could produce starch and flour, while oil palm investment could support edible oil and packaging. Such businesses could create jobs across farming, processing and distribution.
ValueFronteira Ltd. has committed more than $20 million to a 4,000-hectare oil palm plantation in Yala Local Government Area over five years. Its wider benefits will depend on implementation and links with local suppliers.
The government should connect producers with processors, financiers and buyers, encourage outgrower schemes and support extension services, storage and transport. Otherwise, factories may lack supplies while farmers remain excluded from expanding markets.
The coast also offers opportunities in fisheries, seafood processing, maritime transport and logistics. Ice plants, cold storage and refrigerated transport could reduce losses and improve fishers’ earnings. Women and small businesses in processing and trading could benefit from better facilities and wider markets.
A major prospect is the proposed $3.5 billion Bakassi Deep Seaport, for which Afreximbank is financial adviser. It could strengthen maritime connectivity and create opportunities in shipping, warehousing, manufacturing and export processing.
But the proposed cost is not secured financing. The project requires feasibility studies, funding, road connections, reliable electricity, security and sufficient cargo. AfSNET could connect financiers and potential users, but cannot replace detailed planning and implementation.
Coastal communities must benefit, while development safeguards fisheries, mangroves and other resources on which livelihoods depend.
Tourism offers another route to employment. Calabar’s heritage, annual Carnival, Obudu Mountain Resort and biodiversity create opportunities in hospitality, transport and nature-based tourism. Local guides, performers, artists, food vendors and small businesses must be included in the value chain.
Renewable energy, sustainable forestry, waste management and climate-resilient agriculture offer green-economy prospects. Investment must combine commercial returns with environmental safeguards and fair benefit-sharing.
Otu described the conference as an opportunity to attract investors and build partnerships for sustainable 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.
Afreximbank’s Executive Vice-President for Intra-African Trade and Export Development, Mrs Kanayo Awani, said sub-national governments were central to Africa’s economic transformation because investment and production take place within local economies.
“Through AfSNET, we are creating a practical platform through which states, provinces and counties can strengthen project preparation, connect viable opportunities with capital and build the productive capacity needed to expand intra-African trade,” Awani said.
Afreximbank says AfSNET has convened more than 1,400 delegates from 21 African countries across five editions and facilitated more than $3.2 billion in investment opportunities and transactions. These figures relate to previous editions and do not guarantee investment for Cross River.
Otu has also sought collaboration with the Federal Airports Authority of Nigeria (FAAN) to improve flight efficiency, airport facilities and passenger experience ahead of the conference.
“We are expecting people from about 19 African countries, and we are looking at almost 2,000 people coming into Cross River State,” Otu said.
FAAN Chairman, Dr Umar Abdullahi Ganduje, assured Otu of collaboration. Airport operations, customs, port regulation and major infrastructure decisions involve federal institutions, making federal-state cooperation essential.
AfSNET’s test will be whether it creates opportunities for residents. Government should prioritise local jobs, skills, small-business participation and community benefits. Training could prepare young people for agro-processing, hospitality, logistics and renewable energy, while small firms need help meeting investors’ standards.
The state should publish a post-conference register of projects, investors, financing needs, commitments and next steps, protecting commercial confidentiality. Updates should track financing, projects and jobs. A one-year review would establish whether lasting benefits followed.
For Nigeria, success could demonstrate how sub-national governments support diversification, industrialisation and trade under the African Continental Free Trade Area. For Cross River, the stakes are better markets, higher earnings, jobs, stronger businesses and a broader revenue base.
Calabar will not be transformed simply by hosting an investment conference. Progress will depend on what is financed, built and produced, and how widely the benefits are shared. That is the standard against which AfSNET 2026 should be judged.
*Darlington writes from