As momentum builds for the Canada-Africa Fintech Summit and the Canada-Africa Trade and Investment Expo 2025, respected Pan-African faith leader and economic strategist Cornelius Olajide Babalola has renewed calls for the final ratification of the Canada-Nigeria Foreign Investment Promotion and Protection Agreement (FIPA).
Cornelius urged the governments of Canada and Nigeria to seize the historic opportunity presented by the Expo and the upcoming official visit of Nigeria’s Vice President, H.E. Senator Kashim Shettima, to finalize and activate the longawaited agreement.
“This is a pivotal moment,” Cornelius said. “With Canada deepening its strategic footprint in Africa through its new Global Strategy and Nigeria undergoing transformative reforms under the Renewed Hope Agenda, there could not be a more appropriate time for this agreement to come alive.”
Background: A Decade in Waiting
Signed in May 2014, the Canada-Nigeria FIPA was designed to establish a fair, transparent, and rules-based environment for bilateral investments. It guarantees protection against arbitrary expropriation, discrimination, and unfair treatment— while allowing governments to retain sovereign rights over health, labor, environment, and other public interest measures.
Despite its strategic promise, the agreement remains pending final ratification more than a decade later.
A Strategic Convergence Point
With over 500 stakeholders expected to attend the Expo—including senior government officials, CEOs, multilateral institutions, and global investors—this year’s event offers a unique convergence of political momentum, private sector ambition, and diplomatic engagement.
“Let the Expo be the stage for ratification,” Cornelius urged. “It would send a bold signal to the global investment community that Nigeria and Canada are ready for a new era of transparent, mutually beneficial economic collaboration.”
The Expo, scheduled for September 16–17, 2025, aligns perfectly with Canada’s Global Africa Strategy, launched earlier this year, which emphasizes inclusive growth, innovation partnerships, and strengthened economic ties with African economies. It also coincides with Nigeria’s ongoing efforts to diversify its economy and restore investor confidence beyond the oil sector.
Framework Benefits of FIPA
Cornelius outlined several core benefits of a ratified FIPA agreement:
- Legal Protection for Investors: Ensures fair treatment and legal recourse.
- Dispute Resolution Mechanisms: Provides access to independent arbitration in case of conflict.
- Policy Flexibility: Preserves government autonomy to regulate in areas like health and environmental protection.
Unlocking Sectoral Potential
Cornelius highlighted specific industries where a ratified FIPA would catalyze investment and innovation:
- Agriculture and Agri-Business: Enhancing food security and value chains.
- Fintech and Digital Economy: Driving inclusion and mobile-led innovation.
- Renewable Energy and Infrastructure: Powering Africa’s transition to clean energy.
- SMEs and Venture Capital: Creating jobs and scaling local enterprises.
- Oil and Gas Services: Supporting sustainable and transparent operations. “With Canada’s financing and technology, and Nigeria’s youthful population and market potential, this agreement could unleash the next generation of transformative partnerships,” he noted.
Regional Significance
Beyond Nigeria and Canada, Cornelius emphasized that FIPA ratification would have continental resonance.
“This sets a precedent. It could encourage other African nations to pursue robust, investor-friendly frameworks with Canada—based not on extraction, but on shared prosperity. It’s about redefining Africa’s investment narrative with integrity at the center.”
Call to Action
Cornelius called on both governments to prioritize the FIPA ratification in the lead-up to the Expo, activating all legal and diplomatic pathways required for its finalization.
He also urged stakeholders in the private sector, civil society, and the African diaspora to lend their voices to the call, emphasizing that economic diplomacy requires broad-based ownership to succeed.
About the Fintech Summit and Trade Expo
The Canada-Africa Fintech Summit and Trade Expo 2025 is Canada’s flagship platform for advancing cross-continental economic cooperation. This year’s edition will spotlight:
• Inclusive Growth and Innovation • Digital and Financial Transformation • Sustainable Infrastructure • Youth and SME Empowerment
These events will also feature a High-Level Investment Roundtable, Policy Dialogues, SME Forums, and B2B Matchmaking Sessions—fostering practical outcomes and scalable partnerships.
