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), Abdulateef Shittu, 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, Abdurahman Abdulrazaq, who was represented by the governor of Nasarawa State, Sule Abdullahi, said Nigeria, Africa’s largest economy, was endowed with abundant human and natural resources.
