Nigeria and Italy Strengthen Economic Ties, Explore New Business Opportunities

28 Feb, 2025

Italy is actively seeking to deepen its economic and trade relations with Nigeria, recognizing the vast untapped potential between the two nations. Speaking at the Ambassadorial Forum in Lagos, Ugo Boni, Consul General of Italy, emphasized that Italy can play a pivotal role in Nigeria’s industrial expansion by providing expertise and advanced machinery to optimize production. With an annual trade volume of $3 billion equally distributed between both countries, Italy aims to encourage Nigeria to diversify its exports and strengthen its industrial sector.

A key initiative reinforcing Italy’s commitment to Africa is the Mattei Plan, which is designed to enhance collaboration across multiple sectors, including agriculture, technology, and manufacturing. Boni highlighted that Nigeria’s growing IT sector presents exciting opportunities for Italian businesses, making it a prime hub for digital investments. To facilitate trade, the Italian government has opened an office of the Italian Trade Agency in Lagos, aiming to promote foreign trade and create opportunities for Nigerian entrepreneurs in Italy.

Prof. Eghosa Osaghae, the director-general of the Nigerian Institute of International Affairs, recognized Italy's historic bilateral ties with Nigeria, which go back to 1961. Italy sees a chance to increase its footprint in the area as Nigeria undergoes major economic changes to draw in both foreign and domestic investment.

Through strategic trade partnerships, industrial cooperation, and investment facilitation, Italy is reinforcing its role as a key economic partner for Nigeria, promoting sustainable growth and strengthening ties between the two nations.

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