During President Bola Tinubu’s state visit to France, he and French President Emmanuel Macron signed two significant agreements aimed at bolstering critical infrastructure development, agriculture, and food security.
The agreements, signed on Thursday at an economic forum held at the Palais des Élysée, are part of efforts to strengthen the bilateral relationship between the two nations.
The forum, attended by top officials, business leaders, and industry figures from both countries, saw notable developments, including the signing of an agreement allowing United Bank for Africa (UBA) to begin operations in Paris. Additionally, Zenith Bank launched its services in France.
In a statement released by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, it was confirmed that Nigeria’s Minister of Finance, Mr. Wale Edun, and French Minister of Economy, Finance, and Industry, Antoine Armand, signed a Letter of Intent to solidify commitments in critical sectors such as healthcare, agriculture, transportation, renewable energy, and human capital development.
The financial and technical assistance package tied to this agreement exceeds €300 million and will be distributed across Nigeria’s geopolitical zones.
The Letter of Intent also outlined a shared goal of removing fiscal barriers and ensuring labor rights protection, aiming to foster a more strategic partnership in project implementation.
Additionally, Mr. Edun and Mr. Rémi Rioux, CEO of the French Development Agency (AFD), signed a further agreement to support Nigeria’s Renewed Hope Agenda reforms, focusing on economic growth and sustainable development.
AFD committed to financing projects in urban infrastructure, transportation, housing, education in STEM, agriculture, and healthcare.
The agency also pledged support for agro-logistic hubs aimed at boosting energy access, sustainable agriculture, and MSMEs in high-impact sectors. Nigeria, in return, pledged to expedite project implementation.
At a joint press conference with President Macron, President Tinubu underscored Nigeria’s commitment to enhancing cooperation with France in critical areas such as food security, energy, solid minerals, education, and defense.
He called for increased foreign investment in key sectors of Nigeria’s economy, including agriculture, energy, and education, stating, “The French-Nigeria Business Forum is doing a lot already, but we need to do more on food security. We cannot help but invest in another’s country.”
READ ALSO: OPEC+ Ministerial Meeting Postponed To December 5
President Tinubu also emphasized the importance of private sector involvement in achieving food security, saying, “It is our responsibility to put together a food security programme for the private sector to come and invest in the country.”
He reassured potential investors of the evolving stability of Nigeria’s economy, describing it as ripe for Foreign Direct Investment (FDI) that would benefit Nigerian citizens directly.
On education, President Tinubu highlighted the need for greater collaboration between Nigeria and France to support the education of Nigeria’s youthful population, noting the critical link between education and national development.
“If an African child is given a glass of milk in a class, there will be no problem in getting him to return and stay in school to learn. The more educated the children are, the better it is for us,” he added.
Tinubu also urged French investors to explore Nigeria’s untapped solid minerals potential, stressing the importance of “de-risking opportunities in solid minerals.”
He further encouraged investments in the blue economy, particularly fisheries, saying, “In Lagos, we have tamed the Atlantic Ocean. For us, fishery is an important aspect of investment.”
In response, President Macron lauded Tinubu’s leadership and described his visit as a milestone in strengthening Nigeria-France relations. “We have confidence that you, Mr. President, will reinforce our relationship with Nigeria, and it will cover the West Coast region, with ECOWAS playing the leading role,” Macron said.
Macron also pledged to encourage more French investments in Nigeria, particularly in the solid minerals and creative industries. Both leaders also addressed global challenges such as food security, education, and terrorism, emphasizing the importance of international collaboration.
Macron stated, “Global humanitarian challenges can only be solved with governments working together.”
This visit marks a significant step forward in the partnership between Nigeria and France, with both countries committing to long-term cooperation in various sectors.
