The inaugural Nigeria-Italy Investment Summit (NIIS 2025) has come to a close, marking a significant milestone in the economic relationship between Nigeria and Italy. Held at the NAF Conference Centre in Abuja from May 21st to 23rd, 2025, the summit which was powered by Giant Gee Nigeria Ltd brought together government officials, business leaders, and investors from both countries to explore new opportunities and strengthen bilateral ties.
The summit’s primary objective was to foster investment opportunities, enhance trade relations, and promote economic cooperation between Nigeria and Italy. Over the course of three days, participants engaged in high-level discussions, presentations, and networking sessions, focusing on key sectors such as energy, agriculture, infrastructure, aviation, manufacturing, and technology.
Breakthroughs and Agreements
One of the most significant outcomes of the summit was the agreement to revive the Bilateral Air Services Agreement (BASA) between Nigeria and Italy. This move is expected to enable direct flights between the two countries, boosting bilateral trade and investment. Currently, flights between Nigeria and Italy take around 14-18 hours due to the absence of direct flights, highlighting the need for this agreement.
The summit also highlighted investment opportunities in critical sectors, including energy, agriculture, and infrastructure. Italian entrepreneur Roberto Bocca emphasized the potential for investment in energy, water treatment, and win experts, while Amb. Eucharia Eze called for the revival of BASA to facilitate direct flights.
In his submission, the summit’s promoter and chairman, Amb. Engr. Augustine Chigbolu reemphasizes the urgent need to revive direct flights lamenting that the 14–18 hours flight period from Nigeria to Italy due to Alitalia’s
absence is not palatable. He also lent his voice to the call for a Nigeria-Italy Bilateral Investment Council to address trade barriers.
Policy Reforms and Financial Collaboration
The Nigerian government pledged to implement policy reforms aimed at improving the business environment, including streamlining taxes, protecting foreign direct investment, and providing incentives for special economic zones. These reforms are expected to create a more favorable environment for investors and boost economic growth.
In the financial sector, Nigerian and Italian banks agreed to explore correspondent banking partnerships, while fintech partnerships will be established to streamline remittances and SME financing. Oame David Airauhi, Group Head of Sterling Bank Plc, presented on the importance of cross-border banking and fintech innovations in facilitating trade between Nigeria and Italy.
A New Chapter in Nigeria-Italy Relations
The Nigeria-Italy Investment Summit 2025 has laid the groundwork for deeper economic collaboration between the two countries. With a focus on reversing trade declines through public-private partnerships and unlocking investments in critical sectors, the summit has set the stage for a new era of economic cooperation.
As H.E. Iacopo Foti, Chargé d’Affaires of the Italian Embassy in Nigeria, emphasized, Nigeria’s economic potential and Italy’s strengths in manufacturing and technology make them ideal partners. The summit’s outcomes and resolutions demonstrate a commitment to building a stronger economic relationship between the two countries.
Sector-Specific Presentations
Aviation expert Mr. Adam Nuhu proposed establishing Maintenance, Repair, and Overhaul (MRO) hubs in Nigerian airports to tackle the alarming rate of grounded aircraft, which currently stands at 64% of the country’s fleet being non-operational. This initiative aims to boost the aviation industry’s efficiency and reduce the financial losses incurred from having a significant portion of aircraft grounded.
Manufacturing
Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria (MAN), extended a warm invitation to the Italian investors to explore the vast opportunities available in Nigeria’s Special Economic Zones (SEZs). Ajayi-Kadir highlighted the potential for collaboration in key sectors such as agro-processing, steel, and renewable energy, emphasizing the benefits of locating in SEZs.
Next Steps
A Nigeria-Italy Business Council will be established to monitor commitments and ensure the implementation of agreements reached during the summit. This council will play a crucial role in promoting trade and investment between the two countries and addressing any challenges that may arise.
In conclusion, the Nigeria-Italy Investment Summit 2025 has been a resounding success, marking a significant step forward in the economic relationship between Nigeria and Italy. With a focus on collaboration, innovation, and investment, the summit has set the stage for a brighter economic future for both countries.
