Gov. Bassey Otu of Cross River has urged African sub-national governments to strengthen collaboration and develop bankable projects to attract investments and accelerate economic development.
Otu made the call while reading the communiqué at the closing of the sixth edition of the African Sub-Sovereign Governments Network (AfSNET) conference in Calabar on Saturday night.
He said that African states, regions, counties, cities, and local governments had critical roles to play in promoting economic efficiency, international trade, investment, and community development.
The governor said AfSNET provided an important platform for strengthening cooperation among sub-national governments, the private sector, and development finance institutions.
He noted that investment mobilisation, trade facilitation, industrialisation, and infrastructure development remained essential to unlocking Africa’s economic potential.
The communiqué acknowledged the role of the African Export-Import Bank (Afreximbank) in supporting trade and investment initiatives across the continent.
It also highlighted the bank’s various interventions, including the African Trade Gateway and financing facilities designed to support African businesses and cross-border trade.
The communiqué, however, stressed the need for African governments to improve project preparation, legal structuring, and investment promotion to attract sustainable financing.
It identified inadequate infrastructure, particularly in transportation, energy, ports, and logistics, as major constraints to industrialisation and regional economic integration.
It further emphasised the need for special economic zones, agro-industrial platforms, and other productive economic initiatives to be supported by credible investors and demonstrable market demand.
The communiqué called on sub-national governments to strengthen investment promotion agencies; improve access to reliable investment information; and sustain engagement with prospective investors beyond initial project presentations.
It also recommended stronger institutional coordination; improved implementation of investment decisions; and greater collaboration among governments and development partners.
On regional integration, the meeting underscored the importance of improving maritime connectivity, shipping systems, and cross-border transportation to strengthen Africa’s trade and industrial development.
It said investments should be assessed based on their capacity to expand productive activities, increase exports, create employment, and promote sustainable economic growth.
The communiqué also called for greater attention to emerging sectors, including the creative economy, industrialisation, and special economic zones, as avenues for diversifying African economies.
It urged African sub-national governments to translate the resolutions into practical programmes capable of delivering measurable economic benefits to their citizens.
The sixth AfSNET meeting brought together sub-national governments and development stakeholders to explore investment opportunities, strengthen partnerships, and promote economic cooperation across Africa.
