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The 19-year-old joins on an initial loan deal until 30 June 2017, with Bologna having an option to make the transfer permanent.
Should that be exercised, Roma will retain a buy-back clause on the player.
Sadiq initially joined the Giallorossi from Spezia on a loan deal at the start of the 2015-16 season, a move that was made permanent at the start of this summer. Last season he made six appearance for the senior team - scoring two goals – as he also played a part in the Primavera side that won the Italian title.
He played 19 games in total for the youth side, scoring 19 goals.
This summer he also represented Nigeria at the Olympic Games in Brazil, scoring twice in the third-place play-off to secure a bronze medal for his country.
The striker posted a farewell message on Instagram:
"I would like to thank everyone at the club," Sadiq wrote. "I am not sure there is ever a good time to leave a club where I felt settled ,but this is not a good bye."
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