Nigeria’s journey toward becoming a trillion-dollar economy will be determined not by federal reforms alone but by the competitiveness of its 36 states and the Federal Capital Territory (FCT). Nigeria’s foreign capital inflows surged in 2024, rising by about 215% to $12.3 billion (from just $3.9 billion in 2023). However, this growth was highly concentrated in a few states. According to NBS capital importation reports, only five destinations– Lagos, the FCT (Abuja), Kaduna, Enugu, and Ekiti– attracted any foreign investment in 2024, while 32 of 36 states recorded zero capital importation for the entire year.
Also, the state governments’ capacity to generate revenue internally varies significantly across Nigeria. In 2024, total Internally Generated Revenue (IGR) for the 36 states and the FCT reached ₦3.63 trillion; however, this performance was highly concentrated in a few states. Lagos State alone accounted for ₦1.26 trillion— about one-third of total state IGR— followed by Rivers State (₦317.3 billion) and the FCT (₦282.4 billion). Ogun State (₦194.9 billion) and Enugu State (₦180.5 billion) completed the top tier, underscoring the sharp fiscal disparities among states.
While national-level reforms— FX unification, subsidy removal, digital taxation reforms, and the Electricity Act 2023—have laid a strong foundation, the impact of these reforms must now materialize at the subnational level where economic activity occurs. This imbalance reflects institutional gaps, limited visibility, and weak coordination of investment promotion at the subnational level in Nigeria. If the President Ahmed Tinubu administration’s ambition of building a one-trillion-dollar economy is to be realised, the economic contribution of every state becomes critical. This makes it imperative for state investment drivers to take deliberate and practical steps to deepen economic activity, mobilise capital, and unlock growth within their respective states.
The 36 states and the FCT have progressively established State Investment Promotion Agencies (IPAs) over the past two decades. These agencies serve as one-stop centers to attract and facilitate investment at the subnational level, aligning with Nigeria’s national investment promotion efforts. In February 2025, state governments and the Nigeria Governors’ Forum launched the Forum of State Investment Promotion Agencies of Nigeria (FoSIPAN)
The Forum of State Investment Promotion Agencies of Nigeria (FoSIPAN) was established in February 2025 by the heads of State Investment Promotion Agencies across the 36 states and the Federal Capital Territory as a collaborative platform to strengthen subnational investment promotion, improve coordination, and enhance the competitiveness of states as credible investment destinations.
Building on the establishment of FoSIPAN, the Subnational Investment Promotion Summit (SIPS) was founded to translate FoSIPAN’s mission into action. Organised by Fleissen Events in collaboration with FoSIPAN, SIPS provides a national platform for State Investment Promotion Agencies to present investment opportunities, engage investors, build capacity, and align subnational investment efforts with national economic priorities.
Themed “Building a Trillion-Dollar Economy: The Role of Nigerian States in Driving an Investment Renaissance States in Nigeria’s Investment Renaissance,”
SIPS 2026 will convene governments, multilateral banks, development agencies, and private investors to align policies, mobilise capital, and scale subnational investment pipelines in support of Nigeria’s pathway to a one-trillion-dollar economy. SIPS will be delivered as a four-day programme, beginning with a focused pre-Summit Masterclass on 24 August 2025, and continuing with the main Summit sessions from 25–27 August 2025.
Special Features Throughout the Summit:
Position states as credible, investor-ready jurisdictions with structured project pipelines and reform commitments.
Build SIPA’s institutional capacity using global investor servicing standards.
Facilitate B2B, B2G, and G2G matchmaking through curated investment clinics.
Showcase states’ economic strengths through world-class State Investment Exhibition Pavilions.
Expand financing pathways through Project Finance Clinics with DFIs and banks.
SIPS 2026 is designed as an immersive, multi-stakeholder investment platform, combining leadership sessions, technical workshops, exhibitions, funding clinics, and high-level networking opportunities. High-level breakdown of the conference structure is presented in Annex 1.
Participation in SIPS is designed to be purposeful and outcome-driven, bringing together state governments, investors, industrialists, financial institutions, development partners, and the private sector in a structured environment that prioritises deal-making, knowledge exchange, and measurable investment outcomes.
$2-3 Billion in New Investment Commitments
Adoption of the Subnational Investment Competitiveness Index
Strengthening of SIPAs and States’ Investment Governance Systems
Enhanced State Visibility and Investor Engagement
Signed Agreements between States, DFIs, and other Private-Sector Actors
Roadmap for Annual Subnational Investment Reporting
The delivery of the Subnational Investment Promotion Summit (SIPS) requires clear roles and coordination among participating institutions. This section sets out the responsibilities of FoSIPAN, Fleissen Events, federal and state institutions, development partners, investors, and academia in planning, delivering, and following up on the Summit. The detailed roles and contributions of each organisation are presented in Annex 4.
SIPS 2026 is bold, ambitious, and transformative, both in concept and practical execution. It is not merely an event— it is a statement of intent: that Nigeria’s prosperity will be driven from the states upward, powered by innovation, disciplined execution, and global collaboration.
With the FCT Minister as Chief Host and FoSIPAN as the unified subnational investment platform, SIPS stands ready as a catalytic force in reimagining and remaking Nigeria’s prosperous economic future.
