The Forum of State Investment Promotion Agencies of Nigeria (FOSIPAN) has signed a landmark Memorandum of Understanding (MoU) with global financial advisory firm, Woodhall Capital Limited, to mobilise $50 billion in global investments targeted at Nigeria’s subnational economies.

The agreement, sealed at Woodhall Capital’s Abuja office, marks a major step toward expanding access to global finance for Nigeria’s 36 states and the Federal Capital Territory (FCT). It focuses on reviving dormant assets, developing new industrial and agro-processing zones, and delivering transformative infrastructure projects that can drive inclusive economic growth across the country.

Dr. Terheme Kpenkaan, Executive Secretary of the Benue Investment Promotion Agency (BENIPA), who led the FOSIPAN delegation at the signing, in a LinkedIn post described the partnership as a bold step toward deepening subnational participation in Nigeria’s investment-led growth agenda. He said the initiative aligns directly with President Bola  Tinubu’s Renewed Hope Agenda and the national goal of building a $1 trillion economy through productive investments at the state level.

According to Kpenkaan, for Benue State, the partnership complements Governor Hyacinth Alia’s aspiration for a “Greater Benue,” where private investments drive inclusive prosperity and local value creation. He explained that the partnership will see FOSIPAN and Woodhall Capital collaborate to organise international investor forums in Lagos, London, Dubai, and Abu Dhabi to showcase pre-screened, bankable state projects. It will also strengthen project pipeline development, enhance the financial readiness of subnational investment opportunities, facilitate access to global finance through Woodhall Capital’s network of development finance institutions, private equity firms, and sovereign wealth funds, and build capacity in project finance, public-private partnership management, and investment promotion for state agencies.

Speaking during the ceremony, Mrs. Mojisola  Hunponu-Wusu, President of Woodhall Capital, commended FOSIPAN’s leadership for uniting state investment agencies under a shared investment vision. She reaffirmed the firm’s commitment to mobilising $50 billion in global capital to accelerate national and subnational development.

Kpenkaan noted that the collaboration reflects an African-led approach to solving African challenges.

“As I remarked during the signing, African solutions must come from Africa. This collaboration reflects that conviction a homegrown effort to strengthen institutional capacity and rebuild investor confidence from within,” he said.

He added that the partnership reinforces FOSIPAN’s mission to position Nigeria’s states as credible, investor-ready destinations driving growth, creating jobs, and building a future where investment meets opportunity.