State investment agencies move to bridge Nigeria’s $3trn infrastructure deficit

The Forum of State Investment Promotion Agencies of Nigeria (FoSIPAN) has launched a capacity-building initiative to empower state-level investment promotion agencies (IPAs) to attract high-impact investments and bridge Nigeria’s significant infrastructure deficit.

The forum, established in February 2025, aims to build a national community of practice that supports state IPAs with tools, training, and coordination to attract high-impact investment.

Terhemen Johnpaul Kpenkaam, chairman of FoSIPAN, highlighted the country’s infrastructure deficit, estimated at $3 trillion, equivalent to about 40% of the country’s GDP.

“Every investment, foreign or domestic, ultimately lands in a state,” he said, emphasising the importance of state-level investment promotion agencies.

The training, organised in collaboration with AFREXIM Bank and the Center for International Trade Development, Miami, with support from the Government of Gombe State, aims to empower IPAs to structure, package, and promote bankable products aligned with AFREXIM Bank’s windows and subnational economic priorities.

Representing the Governor of Gombe state, Muhammadu Inuwa Yahaya, the state Commissioner for Finance and Economic Development, Mohammed Magadji, said Gombe is undergoing a significant transformation from an agrarian state to an industrialised state, with a focus on agro-industrial development and mineral sector growth.

“Gombe State has been ranked the best state in ease of doing business for two consecutive years,” he said, attributing the success to the government’s reform initiatives. The Muhammad Buhari Industrial Park, built from scratch, provides 1,000 hectares of land for industries to set up, and Premier Seeds recently opened its shop in Gombe.”he said

Aisha Rimi, Executive Secretary, Nigerian Investment Promotion Commission (NIPC), reaffirmed the commission’s commitment to supporting IPAs, emphasising the importance of professionalisation and synergy in Nigeria’s investment promotion landscape. “The strengthening and capacity of state IPAs is fundamental to the country’s success in attracting investments,” she said, highlighting the need for a decentralised, data-driven, and harmonised approach to investment promotion.

Emeka Uzomba, Director, Banking and Special Initiatives in the Office of the President, AFREXIMbank, highlighted the importance of sub-sovereign investment, noting that investment and development happen at the sub-national level. “IPAs play a critical role in attracting and retaining investments,” he said, urging them to be capacitated and established to international best standards of investment mobilisation.

Abdulrasheed Shittu, Director General, Nigerian Governors Forum, announced that the NGF will launch a flagship investment marketing publication called NGF Investopedia, a compendium of investment-ready projects from Nigerian states. The maiden edition will showcase nearly 200 pre-qualified and bankable projects valued at over $200 billion, cutting across key sectors including agriculture, infrastructure, renewable energy, and healthcare.

Ahmed Munir Lere, Chairman, House Committee on Trade and Investment, assured that the House will make provisions for further capacity building for IPAs in the 2026 budget and work closely with them to ensure their success.