James Emejo in Abuja

African Export-Import Bank (Afreximbank) yesterday emphasised that supporting domestic investors was crucial for growing the economy and attracting much needed Foreign Direct Investment (FDI) into the country.

The bank called for passionate and strategic focus on domestic investment, state-level Investment Promotion Agencies (IPAs), and Africa-wide economic integration under the African Continental Free Trade Area (AfCFTA) framework.

Director, Afreximbank, Mr. Emeka Uzomba, said domestic investors were the foundation of economic growth, and played a crucial role in attracting FDI.

Uzomba spoke at the opening of the investment promotion training for state investment Promotion Agencies (IPAs), with the theme, “Advancing State Level Investment Readiness.”

It was organised by Forum of State Investment Promotion Agencies of Nigeria (FoSIPAN), in collaboration with Afreximbank, with support from Government of Gombe State and Centre for International Trade Development (CITD), Miami.

Uzomba said, “If the local investor is being encouraged… it’s going to attract foreign investment.”

According to him, “IPAs should prioritise building strong relationships and support systems for local investors, who then become ambassadors for the country.”

He said state-level investment promotion agencies must be empowered, adding that many Nigerian states lack fully functioning IPAs, while some don’t even have websites.

Yet, he stressed that states’ IPAs remained the face of state investment readiness and must be brought up to international standards.

According to him, “You are competing with Lagos, Abuja, and even Dubai… So don’t say ‘I’m in Gombe or Nasarawa’.”

Uzomba said state investment agencies needed to be adequately resourced, trained, and branded professionally to attract investment.

He pointed out that AfCFTA was more than a trade deal, as it represented an economic blueprint integration of Africa’s market, which presented a major opportunity for Nigeria, especially in agriculture and solid minerals.

The Afreximbank director further stated that the AfCFTA Investment Protocol standardised procedures across member states — reducing red tape and increasing investor confidence.

He told the IPAs, “Africa is your market under the AfCFTA.”

He encouraged each state government to invest in the creation or restructuring of an effective investment agency and create incentive frameworks, policy stability, and access to finance for local entrepreneurs.

Uzomba said local businesses should be positioned to take advantage of the harmonised African market, focusing on sectors where Nigeria is competitive.

In his remarks, Chairman, FoSIPAN, Mr. Terhemen Johnpaul Kpenkaan, said strengthening domestic investors rested in the capacity of sub-national governments, strength of frameworks, and effectiveness of institutions.

Kpenkaan said, “That’s why state-level Investment Promotion Agencies (IPAs) matter. That’s why FOSIPAN exists. And that’s why we are gathered here today – to strengthen the foundation for sustainable, sub-national investment growth in our states, and, indeed, in Nigeria.

“Let’s be clear: every investment – foreign or domestic – ultimately lands in a state. Whether in infrastructure, agriculture, energy, or manufacturing, the enabling environment that determines its success or failure is local.”

He said the forum sought to build a national community of practice that supported state IPAs with tools, training, and coordination to attract high-impact investment, amid the realisation that the country could not attract and retain meaningful investment without coordinated sub-national capacity.

Kpenkaan said meeting identified challenges required partnerships, clarity of purpose and institutional strength.

He said, “Indeed, we are witnessing a quiet revolution at the sub-national level. In the past three years alone, many states – thanks to the State Action on Business Enabling Reforms (SABER) programme – have created dedicated IPAs.

“This is not merely administrative; it is foundational. But these institutions need support. They need frameworks. And they need people equipped with the right skills and mind-set. That is the essence of this programme: to build the desired capacity.”

Executive Secretary/Chief Executive, Nigerian Investment Promotion Commission (NIPC), Ms. Aisha Rimi, highlighted the growing need for professionalism and collaboration in the country’s investment promotion space.

Rimi said strengthening state-level IPAs remained essential to making Nigeria a globally competitive investment destination.

She said as the national coordinating agency, NIPC was committed to supporting sub-national IPAs and recognised the importance of a decentralised, data-driven, and harmonised approach.

Rimi stressed that achieving inclusive, diversified economic growth required collaboration. She reaffirmed the commission’s commitment to working with the forum and other partners to build a resilient and investor-friendly Nigeria.

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