Business

Bilateral Boost: Nigeria, Italy Forge Path to Shared Prosperity

Published

5 months ago

May 22, 2025

Maryam Aminu

Nigeria’s Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has described the country as one of Africa’s most attractive investment destinations, as Nigeria and Italy take bold steps toward deepening economic and trade relations.

Speaking at the first Nigeria-Italy Investment Summit 2025 (NIIS 2025), themed “Building Bridges: Unlocking Opportunities,” Abbas, represented by Hon. Afuope Afolabi, emphasized Nigeria’s large population, dynamic market, and resource-rich economy as key assets for global investors.

“Italian enterprises have found fertile ground in Nigeria, and we in turn have benefited from these investments,” Abbas said, calling for a reimagined approach to bilateral cooperation through targeted investments in agriculture, energy, oil and gas, agro-processing, and solid minerals.

The summit organized by Giant Gee Nigeria Limited in partnership with the Italian Embassy served as a high-level platform for fostering investment-driven dialogue and strategic partnerships.

Deputy Speaker Benjamin Kalu, represented by Hon. Uchenna Harris Okonkwo, echoed the sentiment, stating, “These are two nations with immense potential. This summit is not just about investment; it’s about aligning values and mutual economic ambition.”

Italian Deputy Ambassador Mr. Lacopo Foti described the gathering as a celebration of shared values, trust, and commitment to sustainable development. “Italy’s cultural heritage and technological expertise make it a natural partner for Nigeria,” he noted.

With 2024 trade volumes between the two countries reaching approximately €2.5 billion, stakeholders expressed optimism that NIIS 2025 would spark greater collaboration and unlock long-term opportunities to transform both economies and improve livelihoods.

Earlier, the Managing Director of Giant Gee Nigeria Ltd, Amb. Engr. Augustine Chigbolu, said the summit aims to revitalize the bilateral business relationship between Nigeria and Italy.

“By fostering these strategic partnerships, the summit aims to not only solidify existing trade relations but also to discover new avenues for joint innovation and development.” He added

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Business

NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

Published

4 days ago

October 2, 2025

The Gleamer

By Joel Ajayi

The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.

For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.

According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.

Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.

Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.

With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.

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