The Canadian High Commissioner to Nigeria, Pasquale Salvaggio has called on the Nigerian Government to revisit the stalled Foreign Investment Promotion and Protection Agreement, FIPA noting that its ratification would significantly enhance investor confidence and guarantee investment security.
Ambassador Salvaggio who made the call at a meeting with the Minister of Solid Minerals Development, Dele Alake in Abuja further emphasized the High Commission’s readiness to facilitate increased Canadian investment in Nigeria,
He also conveyed Canada’s willingness to expand capacity-building initiatives, including replicating the 2025 training programme for Nigerian mining professionals at the University of Calgary, Alberta, alongside additional technical exchange programmes to deepen expertise in modern mining practices.
In response, the Minister of Solid Minerals Development, Dele Alake acknowledged that while the FIPA predates the current administration, the Federal Government is prepared to review and expedite its ratification process.
He reiterated the unwavering commitment of President Bola Tinubu to attracting increased Foreign Direct Investment as a pathway to economic growth and job creation for the nation’s teeming youths.
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Alake stressed Nigeria’s readiness to leverage Canada’s advanced mining technology and expertise to strengthen ongoing reforms in Nigeria’s Mining Sector.
He emphasized the imperative of enhanced bilateral collaboration to accelerate growth, attract investment and entrench global best practices in the industry.
The minister reaffirmed Nigeria’s commitment to partnering with Canada to de-risk the mining environment, attract foreign direct investment, enhance capacity building for mining professionals, formalize and regulate artisanal mining, and promote technology transfer to support the rapid development of the sector.
Highlighting investment incentives, Alake listed tax waivers on imported mining equipment, full repatriation of profits after meeting statutory obligations such as taxes and royalties, and other fiscal measures designed to create an investor-friendly climate.
Both countries agreed to establish a joint working group to identify priority areas of cooperation within the mining sector and develop actionable timelines to ensure tangible outcomes from renewed bilateral engagement.
(Editor: Ebuwa Omo-Osagie)
