‘Nigeria can’t hit $1trn economy target on IGR alone’

The Forum of States Investment Promotion Agencies of Nigeria (FOSIPAN) has stated that Nigeria cannot achieve its $1 trillion economic target by 2030 if it depends solely on internally generated revenue (IGR).

The forum’s chairman, Dr Terhemen Kpenkaan, stated this in Abuja while signing a partnership agreement with Fleissen Events for the inaugural subnational investment summit.

Kpenkaan said the summit will assemble all 36 states and the FCT to chart a unified path toward achieving the country’s economic ambitions.

He noted that the initiative aligns with President Bola Tinubu’s call for Nigeria to transition into a $1 trillion economy.

“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 also serves as the Executive Secretary of the Benue State Investment Promotion Agency, explained that FOSIPAN was established as a peer-review and advocacy platform to strengthen reforms, build institutional capacity, and create a more enabling environment for investors.

“Investment promotion is about selling opportunities across the states, and visibility is key. We welcomed the chance to work with Fleissen because they have demonstrated capacity in hosting national summits.

“This summit offers us a platform to advance reforms, attract private capital, and bring in investments that create jobs and grow industries,” he said.

He added that the partnership would consolidate currently fragmented investment promotion efforts into one national platform capable of attracting both domestic and foreign capital to support job creation and economic expansion.

On his part, the Managing Partner of Fleissen & Company, Dr. Sunday Kanshio, said the summit would give investors—local and foreign—a clear view of viable opportunities across the country.

“We are going to use this summit to promote every state and everything they have. No state lacks resources; what we need now is to transform these resources into action,” he said.

Kanshio noted that Fleissen, which hosts the Nigeria Hydrocarbon Measurement Conference and the Nigeria Gas Safety Conference, is expanding its role in national investment promotion through this partnership.

FOSIPAN, the umbrella body for investment promotion agencies in all 36 states, was created to harmonise subnational efforts aimed at boosting investment inflows across the country.

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