Afreximbank, BoA seal $1bn deal to support Nigerian farmers, SMEs

The African Export-Import Bank (Afreximbank) and Nigeria’s Bank of Agriculture (BoA) have signed a landmark US$1 billion agreement to support smallholder farmers and small and medium-sized enterprises (SMEs) in Nigeria.

The deal, announced at the ongoing Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, is designed to enhance food security, improve productivity, and drive inclusive economic growth.

Speaking exclusively to the Nigerian Tribune after the signing of the Memorandum of Understanding, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank, said the partnership underscores both institutions’ commitment to empowering farmers and entrepreneurs across Nigeria.

“One of the biggest challenges facing SMEs is 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 broader national development goals.

Afreximbank, Cross River State Sign Hosting Agreement for AfSNET 2026

In a related development, Afreximbank and the Government of Cross River State have signed a Hosting Agreement for the 6th African Sub-Sovereign Governments Network (AfSNET) Investment Conference, scheduled to take place in Calabar in 2026.

The agreement was signed during the Sub-Sovereign Business Engagement session on the sidelines of IATF2025 by Afreximbank President and Chairman of the Board, Prof. Benedict Oramah, and Cross River State Governor, Prince Bassey Edet Otu.

Launched in 2021 by Afreximbank in partnership with the AfCFTA Secretariat, AfSNET provides a platform for sub-sovereign governments to drive regional development and investment. The 2026 edition in Calabar will bring together governors, mayors, investors, and development partners to explore investment-ready projects across Africa.

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“When we launched AfSNET, our vision was to amplify the voices of sub-sovereign governments in shaping economic policy and unlocking trade opportunities,” Oramah explained. “Development must be decentralised, starting in our cities, provinces, and regions before cascading to national and continental levels.”

AfCFTA Secretary General, Wamkele Mene, also emphasised the importance of sub-sovereign leadership in Africa’s integration. “Integration will not be achieved from the top down alone. It must be built from the ground up—in municipalities and states where policies directly impact lives,” he said.

Governor Otu described the hosting rights as an opportunity to position Cross River as a hub for regional trade. “AfSNET 2026 will catalyse economic growth, attract investment, and showcase our state as a gateway to Nigeria and West Africa,” he said.

Preparations for the 2026 event are already underway, with plans for plenary sessions, exhibitions, B2B meetings, and cultural showcases.

Past AfSNET conferences have been hosted in Durban (2021), Abuja (2022), Cairo (2023), and Kisumu (2024). The platform has already facilitated key projects, including industrial park development in Ogun State, deep seaport expansion in Cross River, and feasibility studies for advanced manufacturing in Kenya.

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