FoSIPAN launches SIPS steering committee to drive state-level investment for $1tn economy

The Forum of State Investment Promotion Agencies of Nigeria (FoSIPAN) has inaugurated the Joint Steering Committee of the Subnational Investment Promotion Summit (SIPS), marking a strategic push to reposition Nigeria’s states as competitive destinations for private capital in support of the country’s $1 trillion economy ambition.

Terhemen Johnpaul Kpenkaan, Chairman of FoSIPAN, speaking at the inauguration on Friday in Abuja, described the initiative as a decisive shift from fragmented investment promotion to coordinated, deal-driven subnational investment delivery.

Speaking at the event, Kpenkaan said Nigeria’s investment narrative has for decades been overly concentrated around Abuja and Lagos, leaving most states largely invisible to investors despite their comparative advantages.

He noted that while investors often seek access to the Presidency or federal ministries, investment decisions ultimately materialise at the state level, where land is allocated, permits are issued and projects are executed.

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“Today’s inauguration is not ceremonial. It is consequential. Nigeria has entered a defining phase in its economic history. His Excellency,

President Bola Tinubu, has articulated a bold and necessary ambition: to build a $1 trillion economy.

“Achieving this goal will not be determined by federal reforms alone, important as those reforms are. It will be determined by what happens in our 36 states and the Federal Capital Territory, where land is allocated, permits are issued, projects are executed, and investors either gain confidence or walk away,” he said.

He stressed that SIPS was conceived not as another conference, but as a national investment delivery mechanism designed to provide a one-stop platform where investors can access credible, bankable opportunities across Nigeria’s 36 states and the Federal Capital Territory.

According to him, the Steering Committee has a clear mandate to ensure that SIPS 2026 is investor-grade, evidence-led and outcome-driven, with success measured by bankable deals advanced, reforms implemented and institutional capacity strengthened beyond the summit itself.

As part of efforts to strengthen the subnational investment ecosystem, Kpenkaan disclosed that FoSIPAN will, in the first quarter of 2026, undertake a national baseline study of State Investment Promotion Agencies (IPAs).

The study, he said, will provide a data-driven assessment of states’ investment readiness, identify institutional gaps and guide targeted reforms and technical support.

The findings will also inform the presentation of state projects to investors, strengthen the Nigeria Governors Forum (NGF) Investopedia, and anchor the launch of a Subnational Investment Competitiveness Index.

Kpenkaan emphasised that the Steering Committee’s work would focus on governance and discipline, alignment among states, federal institutions, development partners and the private sector, as well as delivery and legacy.

He added that the initiative positions committee members as policy-shift drivers in Nigeria’s national economic conversation.

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FoSIPAN expressed confidence that the committee’s work will help restore investor confidence, empower states and significantly advance Nigeria’s journey towards a $1 trillion economy through coordinated, subnational investment promotion.

The Joint Steering Committee is chaired by Alhaji Muhammad Nazir Halliru, the Director-General and Chief Executive Officer of the Kano State Investment Promotion Agency, with Anthony Emeka Elekeokwuri, the DG/CEO of the Delta State Investment Development Agency, serving as co-chairman.

Other members include Amina Sanusi of the Niger State Investment Promotion Agency; Sunday Kanshio, Managing Partner, Fleissen Events; Aisha Tukur Diggi, Sales and Energy Analyst, Fleissen Events; and Yange Ikyaa, Partner, Fleissen Events.

Speaking on Fleissen Events involvement in the initiative, Sunday Kanshio, Managing Partner of the firm, said the company’s intention is to partner with credible projects and support their execution in ways that drive inclusive growth and deliver measurable economic impact for the country.

He noted that SIPS provides a structured platform to connect investors with viable subnational projects capable of accelerating development across the states.

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