Nigeria Governors’ Forum (NGF) has challenged state governments to do more to attract investments to their domain if “true subnational transformation can be achieved.
It said Nigeria currently lags behind its peers in the continent like South Africa and Ghana in terms of the volume of Foreign Direct Investment (FDI) which currently stands at a paltry 0.5 percent.
Kwara state governor and chairman of the NGF, Andulrahman Abdulrazq made these observations at the launch, yesterday in Abuja of Investopedia, an investment information platform.
Governor Abdulrazaq called the launch “a milestone achievement for the Nigeria Governors’ Forum and for our country,” emphasizing that it “will stand as one of the legacies of my stewardship.” He underscored Nigeria’s potential, noting, “Nigeria is Africa’s largest economy, endowed with abundant human and natural resources.”
Doubling down on the imperative of FDI, the governor emphasised, “Public budgets alone cannot solve this,” stressing the need to “mobilize both global and African capital to finance projects that create jobs, modernize infrastructure, and drive inclusive growth.”
Reinforcing the insights of the governor, NGF Director General, Mr. Abdulateef Shittu remarked that “Over the last decade our inflows of Foreign Direct Investment (FDI) have averaged just 0.5% of GDP, well below the African average and behind peers like Ghana and South Africa,” with 2023 FDI at $1.87 billion.
Both leaders emphasized the infrastructure financing gap, with Mr. Shittu citing “USD 100 billion annually — nearly USD 1 trillion over the next decade,” and states budgeting “more than N17.5 trillion for capital projects in 2025.”
Governor Abdulrazaq echoed this, noting annual FDI averages of “only USD 2 billion, which is less than 0.5% of gross domestic product (GDP),” concentrated in “oil and gas, telecommunications, real estate, and agriculture,” would be insufficient for “true sub-national transformation.”
A statement by NGF Director of Media and Strategic Communications, Mr. Yunusa Abdullahi said the NGF Chairman was represented at the event by Nasarawa state Governor Abdullahi Sule.
He stated that in his explanation, the DG asserts that the NGF Investopedia addresses these challenges by “curating bankable pipelines of projects across all 36 states,” providing “a one-stop shop to engage with credible opportunities, backed by a transparent process, strong institutional oversight, and global visibility.”
While Governor Abdulrazaq clarified, “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.”
It was also reported that Mr. Shittu outlined that the publication shall be deployed to, “Simplify investor access by consolidating credible projects into one gateway; provide confidence through due diligence and transparent presentation of opportunities; and mobilize partnerships that go beyond financing to include technical support, capacity-building, and risk mitigation.”
The launch drew chief executive officers (CEOs), managing directors (MDs), and industry leaders, prompting Mr. Shittu to say: “Your presence signals confidence—and it emboldens our states.”
Governor Abdulrazaq extended an invitation: “To our distinguished investors, both here in Nigeria, across Africa, and globally, I extend this invitation: Partner with Nigeria’s states. The opportunities are vast, the commitment is firm, and the time is now.”
The Governor stated that “Public budgets alone cannot solve this,” stressing the need to “mobilize both global and African capital to finance projects that create jobs, modernize infrastructure, and drive inclusive growth.”
He highlighted growing African Direct Investment (ADI), noting, “Regional investors from South Africa, Morocco, Egypt, and Ghana are expanding into sectors such as banking, fintech, agribusiness, and infrastructure,” signaling “growing confidence among African partners in Nigeria’s markets and opportunities” under the African Continental Free Trade Area (AfCFTA). He said partnerships are central to the initiative.
