The Forum of States Investment Promotion Agencies of Nigeria (FOSIPAN) has said that Nigeria’s quest to attain a $1 trillion economy by 2030 cannot be achieved by relying solely on internally generated revenue (IGR).

FOSIPAN, an umbrella body comprising the investment promotion agencies of all 36 states, was established to harmonize efforts at the state level to boost investments flowing into the second tier of government.

Speaking at the weekend in Abuja during the signing of a partnership agreement with Fleissen Events for the staging of the inaugural Subnational Investment Summit, FOSIPAN Chairman Dr. Terhemen Kpenkaan said the summit will bring together all 36 states and the Federal Capital Territory (FCT), Abuja.

The event is designed to showcase economic opportunities, strengthen investor confidence, and increase investment inflows into the economies of all states.

Dr. Kpenkaan said the initiative aligns with President Bola Tinubu’s call for Nigeria to transition into a $1 trillion economy.

“The states are critical to achieving that target. Nigeria’s GDP is hovering around $250 billion, which is terrible for a country with so much potential,” he said.

Kpenkaan, who is also the Executive Secretary of the Benue State Investment Promotion Agency, explained that FOSIPAN was formed as a peer-review and advocacy platform to strengthen reforms, enhance institutional capacity, and create an enabling environment for investors.

Calling on the media for support, he said visibility is crucial to investment promotion.

“Investment promotion is about selling the opportunities in the states, and visibility is key. We jumped at the opportunity to work with Fleissen because they have demonstrated the capacity to host national summits. This summit gives us a platform to push reforms, attract private capital, and bring in investments that create jobs and develop industries,” he added.

Dr. Kpenkaan further explained that the partnership will consolidate scattered investment promotion efforts into a single national platform capable of attracting both domestic and foreign capital to support job creation and economic expansion.

Also speaking, Managing Partner of Fleissen & Company, Dr. Sunday Kanshio, said the summit will provide a platform for foreign and domestic investors to identify viable opportunities across the country.

“We are going to use this summit to promote every state and everything they have. No state is lacking in resources; what we need now is to transform these resources into action,” he said.

Kanshio noted that Fleissen, which currently organizes the Nigeria Hydrocarbon Measurement Conference and the Nigeria Gas Safety Conference, is expanding into broader national investment promotion through this new partnership.

He also appealed to the media for support, stressing that “investment creates jobs, and without the media as partners, we cannot make this the international event it should be.”