Nigeria’s State Governors Launch Investment Platform to Attract Foreign Direct Investments
In a bid to boost economic growth, Nigeria’s 36 state governors have launched an investment platform aimed at attracting Foreign Direct Investments (FDIs) to the country. The platform, dubbed “NGF Investopedia,” was unveiled in Abuja, the nation’s capital, with the goal of bridging the country’s infrastructure financing gap, estimated at $100 billion annually.
According to Abdulateef Shittu, Director-General of the Nigeria Governors’ Forum (NGF), the NGF Investopedia represents a new dawn in Nigeria’s investment readiness at the subnational level. Shittu explained that the platform seeks to solve the challenge of financing constraints and fragmented entry points that often prevent investors from engaging at scale. By curating bankable pipelines of projects across all 36 states, the platform provides investors with a one-stop shop to engage with credible opportunities, backed by a transparent process, strong institutional oversight, and global visibility.
The NGF Chairman and Kwara State Governor, AbdulRahman AbdulRazaq, emphasized the need for Nigeria to harness both global and African capital financing opportunities. AbdulRazaq noted that over the last decade, Nigeria’s FDI inflows have averaged only $2 billion annually, which is less than 0.5% of the country’s Gross Domestic Product (GDP). He stated that these investments have been mostly concentrated in oil and gas, telecommunications, real estate, and agriculture, but have not reached the depth or breadth required to catalyze true subnational transformation.
However, AbdulRazaq highlighted the growing confidence among African partners in Nigeria’s markets and opportunities, particularly under the African Continental Free Trade Area (AfCFTA). He noted that African Direct Investment (ADI) into Nigeria has been steadily growing, with regional investors from South Africa, Morocco, Egypt, and Ghana expanding into sectors such as banking, fintech, agribusiness, and infrastructure.
The NGF chairman stressed that despite these inflows, the annual infrastructure financing gap for Nigeria remains estimated at $100 billion, a gap that states bear the heaviest responsibility to bridge. He emphasized that public budgets alone cannot solve this, and that Nigeria must mobilize both global and African capital to finance projects that create jobs, modernize infrastructure, and drive inclusive growth.
The NGF Investopedia is a biennial publication highlighting major projects across sectors, offering analyses, incentives, and market insights. The platform aims to serve as a one-stop shop for investors, providing credible, transparent, and curated pipelines of projects across all 36 states. As AbdulRazaq noted, “It is not just a catalogue – it is an entry point, showing investors not only where to invest, but also how to invest in Nigeria with confidence.”
