Cornelius Renews Push for Canada-Nigeria Investment Pact Ratification Ahead of 2025 Fintech Summit
Pan-African economic strategist and faith leader Cornelius Olajide Babalola has issued a renewed call for the final ratification of the Canada-Nigeria Foreign Investment Promotion and Protection Agreement (FIPA), urging both governments to act ahead of the Canada-Africa Fintech Summit and Trade and Investment Expo 2025. With the anticipated visit of Nigeria’s Vice President, H.E. Senator Kashim Shettima, Cornelius emphasized that this moment offers a powerful opportunity to formalize the pact and strengthen bilateral investment relations.
Originally signed in 2014, the Canada-Nigeria FIPA was intended to provide a transparent, rules-based framework to protect bilateral investments and ensure fair treatment for investors. However, more than a decade later, the agreement has yet to be ratified. Cornelius believes the time is now, as Nigeria undergoes economic reforms under the Renewed Hope Agenda and Canada expands its Global Africa Strategy.
The Canada-Africa Trade Expo, scheduled for September 16–17, 2025, is expected to attract over 500 key stakeholders, including top government officials, CEOs, and global investors. Cornelius argued that finalizing the FIPA at this high-profile event would demonstrate a unified commitment to transparent, mutually beneficial investment relations, aligning perfectly with both nations’ strategic objectives.
Cornelius highlighted the agreement’s potential to unlock investment across critical sectors including agriculture, fintech, renewable energy, and small business development. He cited FIPA’s investor protections, dispute resolution mechanisms, and policy flexibility as vital tools for attracting Canadian capital into Nigeria’s growing markets, especially as the country seeks to diversify its economy beyond oil.
Beyond bilateral gains, Cornelius suggested that the ratification of FIPA could serve as a model for future Canada-Africa investment frameworks, emphasizing sustainable and equitable partnerships. He called for collaborative action among government, private sector, and civil society stakeholders to push the agreement.
Source: Nairametric