Get Guardian on GooglePresident Bola Tinubu has urged state governments across Africa to translate their investment potentials into viable projects, industries and employment opportunities capable of improving the livelihoods of their people.
Tinubu, represented by Vice-President Kashim Shettima, gave the charge on Friday while declaring open the sixth African Sub-Sovereign Governments Network (AFSNET) Investment Conference 2026, hosted by the Cross River State Government in partnership with the Nigeria Governors’ Forum in Calabar.
The President said African development would depend largely on the ability of governments at the sub-national level to identify their economic strengths, attract private capital and establish partnerships that would deliver sustainable economic growth.
He said although national policies and continental frameworks provided direction, the actual impact of economic development was felt at the state, provincial, county and municipal levels, where roads connected producers to markets, electricity powered industries and businesses created employment.
According to him, state governments must move beyond announcing investment opportunities to ensuring that projects are properly prepared, financed and implemented.
He noted that the investment pipeline presented at the conference comprised 134 opportunities across 14 sectors, with an estimated value of $9.5bn, covering agriculture, agro-industry, digital technology, energy, healthcare, tourism, manufacturing and infrastructure.
Shettima said the opportunities demonstrated Africa’s enormous productive potential but stressed that they must be translated into bankable projects supported by credible feasibility studies, transparent governance, clear regulatory frameworks and appropriate financing arrangements.
He urged participating governments to ensure that the investment engagements at the conference resulted in concrete partnerships, financial agreements and implementation plans, rather than ending with presentations and declarations.
The Vice-President also identified the African Continental Free Trade Area (AfCFTA) as a major opportunity for the continent to expand intra-African trade, strengthen regional value chains and develop its industrial capacity.
However, he said continental integration could not be achieved through agreements alone but required functional ports, reliable electricity, efficient transportation and logistics systems, digital infrastructure, industrial parks and competitive businesses.
Shettima, who recalled serving in Cross River State during his National Youth Service Corps (NYSC) programme about 30 years ago, described the state as a strategic investment destination with considerable agricultural, tourism, hospitality and infrastructure opportunities.
He particularly drew attention to the proposed Bakassi Deep Seaport project, noting that Afreximbank had been appointed as financial adviser, adding that proper project preparation, financing and implementation could strengthen maritime connectivity, support industrial development and expand regional trade.
The Vice-President further urged African countries to take advantage of their youthful population to position the continent as a major global workforce, noting that the average age of Nigeria’s population was 16.7 years.
He said Africa had no reason to continue depending on external assistance when it could engage other nations and companies through mutually beneficial economic partnerships.
Earlier, Cross River State Governor, Senator Bassey Otu, described the hosting of the conference as an opportunity to showcase the state’s economic potential, attract investments and strengthen business relationships across Africa.
Otu, who welcomed delegates to Calabar, said the conference was expected to create an investment-friendly environment and open new frontiers for economic development through partnerships among African governments and the private sector.
He stressed the need for African countries to deepen cooperation, develop local industries and process their raw materials within the continent instead of depending on foreign countries for finished products.
The governor said African-African partnerships remained critical to achieving shared prosperity, technological advancement, economic diversification and sustainable development, adding that the continent must take greater responsibility for its economic future.
He expressed optimism that the discussions and investment engagements at the conference would produce practical outcomes capable of advancing Cross River State and the wider African economy.
The Vice-President subsequently declared the conference open on behalf of President Tinubu, urging participants to prioritise investments that create economic value, strengthen partnerships and ensure accountability in project execution.
The three-day conference, initiated by the African Export-Import Bank (Afreximbank), is holding from November 12 to 14 at the Calabar International Convention Centre, with the theme, The Role of Sub-Sovereigns in Catalysing Development Through Trade and Investment.
