The Federal Government of Nigeria and its Italian counterpart, have agreed to deepen economic ties for the benefit of both countries.
They made the commitment at the Nigeria-Italy Investment Summit in Abuja, with the theme: “Building Bridges: Unlocking Opportunities.”
Chargé d’affaires of Italy in Nigeria and Acting Ambassador, Iacopo Forti, was at the event while Speaker of the House of Representatives, Tajudeen Abbas and his deputy, Benjamin Kalu, were both represented by Afolabi Afuape and Harris Okonkwo, respectively.
Director, Economic, Trade and Investment Division, Ministry of Foreign Affairs, Ambassador Anderson Madueke, was represented by Amb. Eucharia Eze, at the programme that also attracted captains of industry from both countries, among several other participants.
In a presentation, Eze, said the Nigerian Government was totally committed to a stronger partnership and collaboration with Italy while highlighting the importance of trade and investment to national development.
“It is important to mention that Nigeria and Italy have long-standing cordial relations which are rooted in the operation of different sectors of our economies, especially in key areas of trade, investment and technological advancement.
“Italy is a significant trading partner of Nigeria, with both countries aiming to diversify their economic ties and attract more foreign direct investment.
“Both countries share a commitment to democratic values and work together to address global challenges.
“The two countries are collaborating on projects related to renewable energy, research and technology transfer, as well as capacity building for research institutions,” she noted.
Eze observed that over the years, there has been a witnessed growth in cultural exchanges, trade partnership and investment between the two countries.
On the significance of the summit, she added: “This strategic partnership, no doubt, would facilitate economic transformation that will be mutually beneficial to both countries.
“It is worthy to mention that agriculture, packaging and technologies are promising industries in both countries, which, if leveraged on, can promote stronger package partnership and further strengthen our bilateral relations.
“In the end of aviation, since Air Italia, that’s an Italian airline, stopped operating in Nigeria, it becomes very necessary that Nigerian and Italy need to have a Bilateral Air Services Agreement (BASA) to enable new carriers to fly Nigerian routes and vice versa.
“I wish to say that it is not out of order to say that the economic potential between Nigeria and Italy has not been fully explored, and I believe at the end of this summit, there will be tremendous impact in that regard, as the summit will provide the platform and pave way for Nigeria and Italian businesses to forge new partnerships and strengthen existing ones.”
The Italian envoy, Foti, observed that exports between both countries had declined over the years.
He then described the summit as a window to open up economic opportunities between both countries.
“This forum is a celebration of the shared value and aspiration that unites us, our countries, a commitment to economic growth, sustainable development, and above all mutual prosperity.
“As you all know, Nigeria is one of the largest economies in Africa and boasts a wealth of resources, a dynamic population, and an ever-growing domestic market,” he stated.
He declared that the summit offers a unique opportunity “to harness our strength and foster partnership that will benefit both countries.
“Historically, Italy has contributed to Nigeria’s economic development in a variety of sectors, energy, construction, infrastructure, just to mention a few.”
He, however, said there was the need for new partnerships that would promote business and investment between Italy and Nigeria.
“Italian exports to Nigeria have dropped nearly 50% between 2023 and 2024 and exports from Nigeria to Italy have decreased nearly 7% in the same time frame.
“I’m conceived that via this summit we will engage in discussions and explore potential investment opportunities and shared expertise
“Connect, share ideas and explore ways we can work together,” he told the participants, stressing “Nigeria and Italy can thrive as strategic partners.”
In their separate remarks, Abbas and Kalu said the legislature would continue to provide the necessary legislative frameworks for the bilateral relationship between both counties to thrive.
The speaker said: “Nigeria presents itself as one of the most attractive investment frontiers in Africa, not merely because of the expansive population, exceeding 200 million, but because of its potential as a growing economy.”