States across the country are stepping up efforts to attract fresh capital as the Forum of States Investment Promotion Agencies of Nigeria (FOSIPAN), in partnership with Fleissen Events, launched the inaugural Subnational Investment Summit.
The initiative is designed to showcase economic opportunities, strengthen investor confidence, and boost inflows into the economies of all 36 states plus the Federal Capital Territory (FCT).
The agreement was formalised on Friday in Abuja at the Fleissen Events office.
Capital inflow refers to money entering Nigeria from foreign countries for investments in businesses, real estate, and other projects. It is the funds brought in by international investors to support economic growth while earning returns on their investments.
Sunday Kanshio, managing partner, Fleissen & Company, said the summit will serve as a platform to attract foreign and domestic investors to identify viable opportunities across the country.
“We are going to use this conference to promote every state and everything that they have. Nigeria doesn’t lack potential, what we need now is to transform these potentials into action. Investment creates jobs, and without the media as partners, we cannot make this the international event it should be, Kanshio said.
Kanshio noted that Fleissen, which currently runs the Nigeria Hydrocarbon Measurement Conference and the Nigeria Gas Safety Conference, is expanding into broader national investment promotion through the new partnership.
In his remarks, Terhemen Kpenkaan, chairman, FOSIPAN and head of the Benue State Investment Promotion Agency, said the initiative aligns with President Bola Tinubu’s call for Nigeria to transition into a $1 trillion economy. According to him, the states are critical to achieving that target.
“Nigeria’s GDP is hovering around $250 billion, which is terrible for a country with enormous potential. Every investment, whether federal or private, sits in a state because investment needs land. That is why the states took up the challenge to drive investment promotion themselves, leading to the establishment of investment promotion agencies across the federation,” Kpenkaan explained.
Kpenkaan said FOSIPAN was formed as a peer-review and advocacy platform to strengthen reforms, enhance institutional capacity, and create an enabling environment for investors. He stressed that visibility is crucial to investment promotion, making the role of the media indispensable.
“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.
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“This summit gives us a platform to push reforms, attract private capital, and bring in investments that create jobs and develop industries,” he noted.
He said the forthcoming subnational summit will not be held in phases but as a single national gathering of all 36 states plus the FCT. A joint committee will be constituted to determine the date, venue and other logistics.
Kpenkaan explained that the partnership will consolidate scattered investment promotion efforts into one national platform capable of attracting both domestic and foreign capital towards job creation and economic expansion.
