The African Export-Importation Bank (AFREXIMBANK) and the Nigeria Agriculture Bank (BOA) have signed a historical agreement of US $ 1 billion to support small farmers and small and medium enterprises (SME) in Nigeria.
The agreement, announced at the Intra-African Commercial Fair on the current 2025 (IATF2025) in Algiers, Algeria, is designed to improve food security, improve productivity and boost inclusive economic growth.
Speaking exclusively with the Nigerian Tribune after the signing of the Memorandum of Understanding, Mrs. Kanayo Awani, Executive Vice President, Banco Intra-Fricano, Affreximbank, said that the association underlines the commitment of both institutions to empower farmers and businessmen throughout Nigeria.
“One of the biggest challenges that SME faces is the lack of access to capital. This initiative will provide critical financing that allows them to produce, operate and expand their businesses,” Awani said.
The fund is expected to strengthen Nigeria’s agricultural value chain, improve resilience among farmers and support the broader national development objectives.
AFREXIMBANK, CROSS RIVER STATE SIGN
In a related development, AFREXXIMBANK and the Government of Cross River State have signed an accommodation agreement for the 6th Investment Conference of the Network of the African Underover Governments (AFSNET), scheduled in Calabar in 2026.
The agreement was signed during the suboverous session of commercial participation outside IATF2025 by the president of AFREXBANK and the president of the Board, Prof. Benedict Oramah, and the governor of the state of Cross River, Prince Bassey Edet Otu.
Run in 2021 by AFREXXIMBANK in association with the AFCFTA Secretariat, AFSNET provides a platform for sub -operation governments to promote regional development and investment. The 2026 edition in Calabar will bring together governors, mayors, investors and development partners to explore projects ready for investment in Africa.
Also read: The troops consolidate profits in ongoing operations in Kogi
“When we launched AFSNET, our vision was to amplify the voices of the sub -facing governments in the configuration of economic policy and unlock commercial opportunities,” Oramah explained. “Development must be decentralized, starting in our cities, provinces and regions before causing yourself national and continental.”
The Secretary General of the AFCFTA, Wamkele Mene, also emphasized the importance of underover leadership in the integration of Africa. “Integration will not be achieved only from top to bottom. It must be built from scratch, in municipalities and states where policies directly impact,” he said.
Governor Otu described the host rights as an opportunity to position Cross River as a center for regional trade. “AFSNET 2026 will catalyze economic growth, attract investment and show our state as a gateway to Nigeria and Western Africa,” he said.
Preparations for event 2026 are already underway, with plans for plenary sessions, exhibitions, B2B meetings and cultural exhibitions.
AFSNET conferences have been housed in Durban (2021), Abuja (2022), Cairo (2023) and Kisumu (2024). The platform has already provided key projects, including the development of industrial parks in the state of Ogun, the expansion of the deep port in Cross River and viability studies for advanced manufacturing in Kenya.
Tribuneline
Watch the best Nigerian Tribune TV videos