The 36 states and the Federal Capital Territory (FCT), Abuja, have resolved to look beyond internally generated revenue (IGR) and search for foreign investors to boost the economy.

Working under the aegis of the Forum of States Investment Promotion Agencies of Nigeria (FOSIPAN), the states are planning a subnational investment summit to showcase investment opportunities in the states.

They say Nigeria’s quest to attain a $1 trillion economy by 2030 cannot be achieved relying only on internally generated revenues (IGR).

FOSIPAN, an umbrella body of all the 36 states’ investment promotion agencies, was set up to harmonise the efforts of the individual states to boost investments flowing into the second tier of government.

Chairman of FOSIPAN, Dr Terhemen Kpenkaan, speaking in Abuja during the signing of a partnership agreement with Fleissen and Company, an events management company, for the inaugural subnational investment summit, said the summit was designed to showcase economic opportunities, strengthen investor confidence and boost inflow into the economies of all 36 states. He said the initiative aligns with President Bola Tinubu’s aspiration to achieve 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 Benue State Investment Promotion Agency, said the FOSIPAN was formed as a peer-review and advocacy platform to strengthen reforms, enhance institutional capacity and create an enabling environment for investors.