$1tn Economy Target: States’ Investment Promotion Agencies Join Forces

The investment promotion agencies of Nigeria’s 36 states and the Federal Capital Territory (FCT) have united in a new partnership to accelerate the country’s drive toward a $1 trillion economy by 2030.
Recognising that internally generated revenues (IGRs) alone cannot sustain the scale of development Nigeria requires, the Forum of States Investment Promotion Agencies of Nigeria (FOSIPAN) has teamed up with Fleissen Events to organise the country’s first-ever combined Subnational Investment Summit aimed at attracting global investors.

FOSIPAN was established to harmonise efforts at the state level to boost investments flowing into the second tier of government.

Speaking at the weekend in Abuja during the signing of a partnership agreement with Fleissen Events, the chairman of FOSIPAN, Dr Terhemen Kpenkaan, stressed the importance of the states’ role in Nigeria’s economic future.

“Nigeria’s GDP is around $250 billion today, which is far below what the country’s potential warrants,” he said.

“The states are pivotal because every investment — federal or private — needs a physical home, which is in the states. That’s why states must lead investment promotion efforts.”

He emphasised that relying on IGRs alone is insufficient to unlock Nigeria’s economic transformation, underscoring the need for increased investment inflows to create jobs and build industries.

“FOSIPAN was established to harmonise efforts at the state level, strengthening reforms and improving the investment climate,” Kpenkaan explained.

Partnering with Fleissen Events, known for successfully organising national conferences in the energy sector, offers a powerful platform to showcase the states’ diverse economic opportunities.

“Visibility is key,” Kpenkaan said. “This summit will enable us to attract private capital and highlight reforms that make Nigeria a more attractive destination for investors.”

The summit, which will bring together all 36 states and the Federal Capital Territory (FCT), Abuja, is designed to showcase economic opportunities, strengthen investor confidence, and increase investment inflows into the economies of all states.

Dr Kpenkaan said the initiative aligns with President Bola Tinubu’s call for Nigeria to transition into a $1 trillion economy.

“The states are critical to achieving that target. Nigeria’s GDP is hovering around $250 billion, which is terrible for a country with so much potential,” he said.

Kpenkaan, who is also the executive secretary of the Benue State Investment Promotion Agency, explained that FOSIPAN was formed as a peer-review and advocacy platform to strengthen reforms, enhance institutional capacity, and create an enabling environment for investors.

“Investment promotion is about selling the opportunities in the states, and visibility is key. We jumped at the opportunity to work with Fleissen because they have demonstrated the capacity to host national summits. This summit gives us a platform to push reforms, attract private capital, and bring in investments that create jobs and develop industries,” he added.

Dr Kpenkaan further explained that the partnership will consolidate scattered investment promotion efforts into a single national platform capable of attracting both domestic and foreign capital to support job creation and economic expansion.

Also speaking, the managing partner of Fleissen & Company, Dr Sunday Kanshio, reiterated the summit’s potential to unearth Nigeria’s untapped resources.

“No state lacks resources,” he said. “Our goal is to transform these resources into actionable investment opportunities that generate employment.”

He also appealed for media support, stressing that “investment creates jobs, and the media is essential to making this an international success.”

Scheduled as a single national gathering, the summit will unite all states and the FCT to push a consolidated investment promotion agenda, reversing the fragmentation that has previously hampered such efforts. A joint committee will soon finalise the summit’s logistics.

Kanshio noted that Fleissen, which currently organizes the Nigeria Hydrocarbon Measurement Conference and the Nigeria Gas Safety Conference, is expanding into broader national investment promotion through this new partnership.

He also appealed to the media for support, stressing that “investment creates jobs, and without the media as partners, we cannot make this the international event it should be.”