Nigeria needs $100bn annually to fix infrastructure – NGF

Nigeria requires at least $100 billion every year and nearly $1 trillion over the next decade to bridge its infrastructure gap, the Nigeria Governors’ Forum (NGF) declared on Tuesday as it launched its flagship investment gateway, NGF Investopedia, in Abuja.

Abdulateef Shittu, the NGF Director-General, raised concerns over Nigeria’s dwindling investment inflows.

“Over the last decade, our inflows of Foreign Direct Investment (FDI) have averaged just 0.5% of GDP, well below the African average and behind peers like Ghana and South Africa,” he said.

“In 2023 alone, FDI was just $1.87 billion.”

He also noted the pressure on state finances.

Shittu revealed, “For 2025, states are budgeting more than N17.5 trillion for capital projects.

“But public budgets alone cannot solve this.”

According to him, NGF Investopedia is designed to address these challenges by providing a central gateway for vetted opportunities.

“Simplify investor access by consolidating credible projects into one gateway; provide confidence through due diligence and transparent presentation of opportunities; and mobilize partnerships that go beyond financing to include technical support, capacity-building, and risk mitigation,” he explained.

Shittu made a final appeal to investors, “The opportunity is real; the readiness is present. With a trillion-dollar gap ahead of us, let us now engage, partner, and deliver.”

Abdulrahman Abdulrazaq, the NGF Chairman and Kwara State Governor, represented by Governor Abdullahi Sule of Nasarawa also lamented the country’s low investment figures.

“Annual FDI averages only USD 2 billion, less than 0.5% of GDP.

“And it is concentrated in oil and gas, telecommunications, real estate, and agriculture sectors important, but insufficient to drive true subnational transformation”, he said.

He stressed the need to mobilise capital beyond Nigeria’s borders.

“We must mobilize both global and African capital to finance projects that create jobs, modernize infrastructure, and drive inclusive growth,” he said.

Highlighting a rising trend, he noted, “Regional investors from South Africa, Morocco, Egypt, and Ghana are expanding into sectors such as banking, fintech, agribusiness, and infrastructure.

“This signals growing confidence among African partners in Nigeria’s markets.”

For Abdulrazaq, the NGF Investopedia is more than just a database of projects.

“It is not just a catalogue, it is an entry point, showing investors not only where to invest, but how to invest in Nigeria with confidence,” he explained.

He added that the impact of investments through the platform would extend far beyond figures.

“When an investor builds a road, funds an agro-processing facility, finances renewable energy, or supports ICT infrastructure, the benefits extend beyond financial returns; they create jobs, improve livelihoods, and drive sustainable development.”

While Shittu pointed to backing from Afreximbank, UNDP and MOFI as crucial to sustaining the initiative, Abdulrazaq disclosed that an NGF Fund is also being developed.

“The NGF Fund will complement Investopedia as a pooled investment vehicle, a financing arm to channel catalytic capital into vetted subnational projects.

“With support from MOFI, NSIA, CBN, Afreximbank and other DFIs, the Fund is expected to turn paper opportunities into real, on-ground investments,” Abdulrazaq added.