Nigeria and France Forge Key Partnership on Infrastructure and Agriculture
PARIS — Nigerian President Bola Tinubu and French President Emmanuel Macron signed two significant agreements on Thursday, solidifying their nations’ cooperation in the development of critical infrastructure and the promotion of long-term agriculture and food security. These agreements were formalized during an economic forum at the Palais des Élysée, attended by key business leaders, state governors, and senior officials from both countries, as part of President Tinubu’s ongoing state visit to France.
Key Agreements for Economic Growth
A notable development was the signing of an agreement by United Bank for Africa (UBA) Group Chairman, Tony Elumelu, and French Minister of Economy, Finance, and Industry, Antoine Armand, allowing UBA to begin operations in Paris. This move, alongside Zenith Bank’s launch of services in France, marks a significant milestone in Nigeria’s financial sector’s expansion into Europe.
Financial Support and Strategic Cooperation
Nigeria’s Minister of Finance, Wale Edun, and Minister Armand also signed a Letter of Intent to strengthen investment in critical sectors, including healthcare, transportation, agriculture, renewable energy, and human capital development. The agreement, backed by a financial and technical package worth over €300 million, is set to be distributed across Nigeria’s six geopolitical zones.
The agreements emphasize a commitment to removing fiscal barriers, enhancing labor rights protection, and fostering a strategic partnership to drive the successful implementation of development projects in these sectors.
French Development Agency’s Commitment
In another key development, Wale Edun and Mr. Rémi Rioux, CEO of the French Development Agency (AFD), signed a Letter of Intent to support Nigeria’s economic reforms under the Renewed Hope Agenda. This partnership focuses on sustainable socio-economic projects, particularly in urban infrastructure, transportation, education in STEM, healthcare, and sustainable agriculture. AFD also pledged funding for agro-logistic hubs aimed at supporting energy access and MSMEs in high-impact sectors.
Strengthening Bilateral Relations
During a joint press conference, President Tinubu reiterated Nigeria’s commitment to enhancing cooperation with France in several areas, including food security, energy, solid minerals, education, and defence. This visit and the agreements signed represent a major step in deepening the strategic relationship between the two nations, with a strong focus on sustainable economic growth and infrastructure development.
The agreements reflect the shared vision of both governments to foster long-term partnerships that can transform critical sectors and boost economic development for both countries.
