By Kingsley Benson
The Nigeria Governors’ Forum (NGF) has recently in Abuja launched its transformative NGF Investopedia, a flagship platform designed to position Nigeria’s 36 states as credible investment destinations.
The event, marked by addresses from Mr. Abdulateef Shittu, Director-General (DG) of NGF, and H.E. Abdulrahman Abdulrazaq, the NGF Chairman and Governor of Kwara State, who was represented by Mallam Abdullahi Sule, Executive Governor of Nasarawa State, heralded “a new dawn in Nigeria’s investment readiness at the subnational level,” as Mr. Shittu described it.
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.”
However, both leaders highlighted investment challenges. Mr. Shittu stated: “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. 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,” but insufficient for “true subnational transformation.”
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,” as Mr. Shittu explained.
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,” Mr. Shittu outlined its functions: “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.”
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.”
The Governor stated: “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).
Partnerships are central to the initiative. The DG expressed gratitude to “our launch sponsors — Afreximbank, United Nations Development Programme (UNDP), and Ministry of Finance Incorporated (MOFI) — whose partnership ensures that the Investopedia is not only launched but sustained.”
Governor Abdulrazaq detailed their roles: “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, which will pool post-launch resources to reinforce investor confidence and unlock blended finance opportunities.” He also stated: “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.”
The NGF Chairman introduced the NGF Fund, stating: “I must also acknowledge Cavista Holdings, who have partnered with us in developing the NGF Fund roadmap. The NGF Fund will complement Investopedia as a pooled investment vehicle — a financing arm to channel catalytic capital into vetted subnational projects.” He noted its backing by “NGF’s governance and fiduciary credibility, and supported by MOFI, NSIA, CBN, Afreximbank and other DFIs,” ensuring “opportunities highlighted in the Investopedia translate into real investments on the ground.”
Mr. Shittu credited the platform’s development to “state investment agencies, NGF Secretariat technical teams and partners [who] have worked tirelessly to provide data, shape the pipeline, and ensure readiness,” demonstrating that “Nigeria’s states are now open for business.” Governor Abdulrazaq reinforced this, further stating: “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.”
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 message, with Mr. Shittu again stating: “The opportunity is real; the readiness is present. Let us now engage, partner, and deliver,” and Governor Abdulrazaq declaring: “With the NGF Investopedia, backed by strong partnerships and the NGF Fund, we are sending a clear signal: Nigeria’s subnationals are open, credible, and investment-ready. Together, we can bridge the infrastructure gap and unlock a new era of prosperity for our people.”
