The 36 states of Nigeria and the Federal Capital Territory (FCT), Abuja, have made a decisive move to look beyond their internally generated revenue (IGR) and actively pursue foreign investment to boost economic growth.
This collective resolution was reached under the umbrella of the Forum of States Investment Promotion Agencies of Nigeria (FOSIPAN). The forum is now planning a major subnational investment summit designed to showcase the diverse investment opportunities available across all the states.
Why a Subnational Investment Summit is Critical
The states argue that Nigeria's ambitious quest to attain a $1 trillion economy by the year 2030 is unattainable if the country relies solely on internally generated revenues. FOSIPAN was established precisely to harmonize the efforts of individual state investment promotion agencies, ensuring a coordinated push to attract capital to the second tier of government.
The initiative gained further traction with the signing of a partnership agreement with Fleissen and Company, an events management firm, for the inaugural summit. The signing ceremony took place in Abuja on 27 November 2025.
FOSIPAN's Vision for Economic Transformation
Speaking at the event, the Chairman of FOSIPAN, Dr Terhemen Kpenkaan, outlined the summit's core objectives. He stated that the event is designed to showcase economic opportunities, strengthen investor confidence, and boost financial inflow into the economies of all 36 states.
Dr Kpenkaan, who also serves as the Executive Secretary of the Benue State Investment Promotion Agency, emphasized that this initiative aligns perfectly with President Bola Tinubu's aspiration to achieve a $1 trillion economy. He stressed that the states are critical to reaching this national target.
Highlighting the current economic challenge, he noted, "Nigeria’s GDP is hovering around $250 billion, which is terrible for a country with so much potential."
He further explained that FOSIPAN was formed as a peer-review and advocacy platform with a clear mandate:
- To strengthen reforms at the state level.
- To enhance the institutional capacity of state investment agencies.
- To create a more enabling and attractive environment for both domestic and foreign investors.
This coordinated subnational approach marks a significant shift in Nigeria's economic strategy, recognizing that sustainable national growth is intrinsically linked to the prosperity and investment attractiveness of its constituent states.
