Tinubu Secures €300 Million Investment Deal With France
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During his state visit to France, President Bola Tinubu has secured two significant trade agreements with French President Emmanuel Macron, totaling €300 million, aimed at developing Nigeria’s critical infrastructure and boosting food security, among other sectors.
The agreements were signed at an economic forum held at the Palais des Elysée in Paris, which brought together key business leaders, industry captains, and top government officials from both nations.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, signed the Letter of Intent on behalf of Nigeria.
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The agreements will focus on a variety of sectors including healthcare, transportation, agricultural value chains, renewable energy, and human capital development.
These initiatives are aligned with Nigeria’s strategic development goals and are set to span across all geopolitical zones of the country.
Speaking about the agreements, President Tinubu emphasized the importance of enhancing trade relations with France and leveraging this partnership to strengthen Nigeria’s economic growth.
The €300 million investment will be used for a wide array of projects including urban infrastructure, food security, and the development of sustainable agriculture practices.
“The two countries reaffirmed their commitment to a strategic relationship that will foster project implementation, enhance mutual trade, and improve cross-border services while protecting labor rights,” the statement from the Nigerian government read.
A key component of the agreements is the continued support of the French Development Agency (AFD), which will finance projects under Nigeria’s Renewed Hope Agenda.
The AFD’s commitment includes significant investments in sectors like education (with a focus on STEM), healthcare, and housing, as well as sustainable urban infrastructure.
The AFD also reaffirmed its long-term support for Nigeria’s economic transformation, particularly in sectors related to energy transition and food security.
The visit also witnessed the signing of an agreement for the United Bank for Africa (UBA) to begin operations in Paris, alongside the inauguration of Zenith Bank’s services in France, signaling a deepening of financial ties between the two countries.
Both Presidents have expressed optimism that these agreements will strengthen the bilateral ties between France and Nigeria, creating new opportunities for sustainable development and cooperation across various sectors.
