The Forum of State Investment Promotion Agencies of Nigeria (FoSIPAN) and investment stakeholders convened a roundtable in Abuja on Wednesday to address the challenge of converting state-level economic opportunities into bankable projects. The event, themed "From Opportunity to Capital to Outcomes: Building Nigeria’s Subnational Investment Mobilisation Infrastructure," highlighted the need for improved project preparation to attract investors, as many state initiatives fail to meet financing requirements due to inadequate readiness.",
Terhemen Johnpaul Kpenkaan, chairman of FoSIPAN, emphasized that Nigeria’s investment potential remains underutilized due to a "conversion gap"—a disconnect between identified opportunities and projects that can secure funding. He stressed that states must move beyond mere promotion to structured project preparation, including risk management and clear pathways to investment decisions. Kpenkaan noted that while reforms in areas like public financial management and digital infrastructure have improved the business environment, these alone do not guarantee investment readiness.",
A Memorandum of Understanding (MoU) between FoSIPAN and BraveICONS Global Limited (BIG Advisory) formalized the Subnational Investment Pipeline Nigeria Programme (SIP-NG). This initiative aims to create a standardized framework for states to identify, qualify, and advance investment opportunities. Kpenkaan clarified that SIP-NG would not replace existing platforms but enhance the readiness and transaction pathways behind them, ensuring reliable project information, defined progression stages, and institutional accountability.",
Fife Banks, managing partner at BIG Advisory, described the MoU as the "visible beginning" of a year-long effort to institutionalize investment mobilization capacity across state agencies. He underscored the importance of equipping these agencies with skills, technology, and governance structures to prepare projects for capital engagement. Banks linked the initiative to the federal government’s goal of building a $1 trillion economy by 2030, emphasizing that subnational efforts are critical to achieving this target.",
Abraham Durosawo, vice president of the Nigeria Sovereign Investment Authority (NSIA), highlighted inadequate project preparation as a major barrier to subnational investment. He noted that many projects remain "unbankable" due to incomplete professional assessments, with governments often reluctant to fund preparatory work and investors unwilling to bear the cost before investment decisions. Durosawo urged states to allocate resources to their investment agencies to ensure projects are investor-ready from the outset.",
Kpenkaan clarified that the MoU focuses on program development, stakeholder consultation, and institutional alignment, without involving project approvals or financing commitments. FoSIPAN plans to engage the Nigeria Governors’ Forum, federal institutions, and development partners to advance the initiative. The program aims to strengthen state investment agencies as coordination hubs for investors, governments, and regulators, fostering a more efficient investment ecosystem.",
The initiative underscores the broader public-interest implications of improving Nigeria’s investment climate. By addressing systemic gaps in project readiness, the effort could unlock significant capital flows, stimulate economic growth, and support the federal government’s long-term economic vision. Stakeholders remain optimistic that structured collaboration will transform Nigeria’s subnational investment landscape, creating sustainable opportunities for both domestic and international investors.