•US govt lists areas of key investment attention in Nigeria 

•Abdulrazaq puts annual infrastructure financing gap at $100bn

ChuksOkocha in Abuja

State governors in the country yesterday floated an investment platform to enable the 36 states attract Foreign Direct Investments (FDIs). They said “NGF Investopedia” was launched because the $2 billion yearly foreign investment inflow was less than 0.5 per cent of the country’s Gross Domestic Product (GDP).

The investment initiative came as Councillor for Economic Affairs, United States Embassy in Nigeria, Christine Harbaugh, pledged the American government’s support for projects that showcased investment opportunities in various Nigerian states.

Director-General of Nigeria Governors’ Forum (NGF), AbdulateefShittu, said the infrastructure financing gap in the country was estimated at $100 billion annually, and nearly $1 trillion over the next decade.

The 36 states collectively budgeted more than N17.5 trillion for capital projects in 2025, reflecting their commitment to transform infrastructure and social services. Yet, financing constraints and fragmented entry points often prevented investors from engaging in large scale investments in the states.

Chairman of NGF, AbdurahmanAbdulrazaq, who was represented by the governor of Nasarawa State, Engr. SuleAbdullahi, said Nigeria, Africa’s largest economy, was endowed with abundant human and natural resources.

“Yet, over the last decade, our FDI inflows have averaged only $2 billion annually, which is less than 0.5 percent of GDP,” Abdulrazaq stated.

He said, “These investments are mostly concentrated in oil and gas, telecommunications, real estate, and agriculture. While important, they have not reached the depth or breadth required to catalyse true subnational transformation.

“At the same time, African Direct Investment (ADI) into Nigeria has been steadily growing, with regional investors from South Africa, Morocco, Egypt, and Ghana expanding into sectors, such as banking, fintech, agribusiness, and infrastructure.

“This intra-African capital is particularly important under the African Continental Free Trade Area (AfCFTA), as it signals a growing confidence among African partners in Nigeria’s markets and opportunities.”

The NGF chairman stated, “Yet despite these inflows, the annual infrastructure financing gap for Nigeria is estimated at $100 billion — a gap that states bear the heaviest responsibility to bridge. Public budgets alone cannot solve this.

“To unlock prosperity, we must mobilise both global and African capital to finance projects that create jobs, modernise infrastructure, and drive inclusive growth.

“This is the purpose of the NGF Investopedia: to serve as a one-stop shop for investors, providing credible, transparent, and curated pipelines of projects across all 36 states.

“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.

‘’This vision would not be possible without the partnership of our sponsors and allies.”

Abdulrazaq added, “Afreximbank, which will deploy innovative financial instruments to move state projects from pipeline to bankability and financial closure.

“UNDP, which will support our states in building the institutional capacity needed to sustain credible investment pipelines. MOFI will pool post-launch resources to reinforce investor confidence and unlock blended finance opportunities.

“Together, these partnerships ensure that the Investopedia is not just a publication, but a living platform that will drive investment into our states in the years ahead.”

Abdulrazaq said the vision of the investment initiative was, “To position Nigeria’s states as credible, competitive destinations for capital and to unlock prosperity for millions of our people.”

He added, “When an investor builds a road, funds an agro-processing facility, finances renewable energy, or supports ICT infrastructure, the benefits extend beyond financial returns — they create jobs, improve livelihoods, and drive sustainable development.”

He commended Cavista Holdings, which partnered the governors in developing the NGF Fund roadmap.

Abdulrazaq stated, “The NGF Fund will complement Investopedia as a pooled investment vehicle — a financing arm to channel catalytic capital into vetted subnational projects.

“Anchored on NGF’s governance and fiduciary credibility, and supported by MOFI, NSIA, CBN, Afreximbank and other DFIs, the NGF Fund will ensure that opportunities highlighted in the Investopedia translate into real investments on the ground.

“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.

“With the NGF Investopedia, backed by strong partnerships and the NGF Fund, we are sending a clear signal: Nigeria’s sub-nationals are open, credible, and investment-ready. Together, we can bridge the infrastructure gap and unlock a new era of prosperity for our people.”

The NGF director-general, Shittu, described Nigeria as a land of opportunity.

He expressed gratitude to Afreximbank, UNDP, and MOFI, saying, their “partnership ensures that the Investopedia is not only launched but sustained”.

Shittu said, “Your contributions give this platform both strategic weight and technical depth.

“This initiative is a collective achievement. Our state investment agencies, NGF secretariat technical teams and partners have worked tirelessly to provide data, shape the pipeline, and ensure readiness.

“Their contributions underpin this publication and demonstrate that Nigeria’s States are now open for business.”

He listed three things that the investment platform would bring to the sub-nationals to include, “simplify investor access by consolidating credible projects into one gateway; provide confidence through due diligence and transparent presentation of opportunities, and mobilise partnerships that go beyond financing to include technical support, capacity-building, and risk mitigation.

“This is why today matters: we are no longer just discussing potential, but presenting bankable pathways for global, African, and domestic capital to flow into our states.

“The prosperity that will follow — in jobs, infrastructure, and inclusive growth — will stand as a legacy for this generation of governors and leaders. To the CEOs, MDs, and industry leaders present here today: your presence signals confidence—and it emboldens our states. Together, we can transform Nigeria’s investment landscape.

“Nigeria’s states are now open for business. The opportunity is real; the readiness is present. Let us now engage, partner, and deliver.”

Harbaugh said the United States would support Nigeria in the areas of agriculture and digital economy, trade and business environment, transparency and accountability, as well as the health sector.

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