Nigeria Governors Forum Secures $2b Deal For Cross River State
The Nigerian Subnational Government has secured a $2 billion agreement deal on behalf of the Cross River state government.
This landmark deal is aimed at strengthening the capacity of subnational governments in Nigeria to attract long-term public-private investments and forge enduring partnerships that drive sustainable development at the state level.
At the ongoing 4th edition of the Intra-African Trade Fair (IATF) held in Algiers, Algeria, the Governor of Cross River State, representing the Nigerian Governors Forum (NGF), received the deal, signaling a major step towards positioning Cross River State and by extension, other Nigerian subnational entities, as credible and capable participants in Africa’s broader economic transformation agenda.
This initiative will serve as a vehicle to deepen institutional collaboration between subnational governments and key continental institutions, with Cross River serving as a strategic anchor point for the rollout of long-term investment frameworks.
The ambition behind this initiative is rooted in the recognition that Africa’s developmental future lies significantly within its cities, regions, and subnational structures.
The African Sub-Sovereign Government Network seeks to empower local governments to accelerate inclusive, sustainable economic growth by enabling them to act as focal points for innovation, investment, and collaboration across the continent.
Adding to the developments at the event, the Nigerian Governors Forum officially launched its ‘Investopedia’, a new digital and print investment platform designed to showcase viable, bankable projects from all 36 states in Nigeria.
It also aimed at addressing critical barriers such as low project visibility, limited investor confidence, and the underutilisation of fiscal incentives.
Announcing the platform on behalf of the NGF, the Governor of Ogun State, Dapo Abiodun, described Investopedia as a comprehensive, ‘one-stop shop ‘ for investors seeking real-time insights into Nigeria’s subnational investment landscape.
Backed by key partners such as Afreximbank, the United Nations Development Programme (UNDP), the Ministry of Finance Incorporated (MOFI), and others, the platform will provide in-depth information on fiscal performance, market trends, policy incentives, and investment opportunities across a wide range of sectors in each Nigerian state.
Abiodun emphasised the urgent need to close Nigeria’s infrastructure financing gap, which stands at an estimated $100 billion annually.
With Nigeria’s annual foreign direct investment (FDI) currently at just $2 billion, less than 0.5 per cent of the country’s GDP, he stressed the importance of attracting global and African capital to drive job creation, enhance productivity, and usher in a new era of economic prosperity for Nigeria’s population.
He further noted that Investopedia would play a critical role in unlocking these opportunities by providing a transparent, investor-friendly interface that connects capital to credible projects, ensuring that Nigeria’s subnational entities are not only investment-ready but are also strategically aligned with continental development goals.
Abiodun said: “Our FDI is $2 billion annually, less than .5 per cent of our GDP with an annual infrastructure gap of $100 billion. For us to bridge this gap, we need to mobilise global and African capital to enable us to create jobs and drive economic prosperity for our people.
“With this , backed by strong partnerships we are saying Nigerian sub nationals are open and investment ready to bridge infrastructure gapand unlock new eras of prosperity for our people,” he said.
SOURCE: THE GUARDIAN
