President Bola Tinubu has secured two significant trade agreements with French President Emmanuel Macron, totaling €300 million. These deals aim to advance Nigeria’s critical infrastructure, food security, and other key sectors.
The agreements were finalized during an economic forum held at the Palais des Elysée in Paris, France, as part of President Tinubu’s state visit. The event was attended by business leaders, government officials, and industry stakeholders from both nations.
Key Highlights of the Agreements
The agreements, signed by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and representatives of the French Development Agency (AFD), focus on:
- Infrastructure Development: Investments in urban infrastructure, transportation, and housing.
- Renewable Energy and Agriculture: Support for energy transition, agro-logistic hubs, and sustainable agricultural practices.
- Human Capital Development: Enhancements in education, particularly in STEM fields, as well as healthcare and labor rights protection.
The agreements also aim to reduce fiscal barriers, promote cross-border trade, and ensure labor protections while fostering mutual economic growth.
Support for the Renewed Hope Agenda
The AFD pledged long-term backing for Nigeria’s Renewed Hope Agenda—a reform initiative aimed at stimulating the economy. This includes financing projects in sustainable agriculture, food security, and energy access.
Additionally, the AFD committed to supporting Nigeria’s real sector by providing capital to Micro, Small, and Medium Enterprises (MSMEs) in high-impact industries.
The Nigerian government, in turn, promised to expedite the implementation of AFD-funded projects to ensure efficiency and impact.
Expanding Banking and Economic Relations
The forum also marked milestones in Nigeria’s banking sector, with the United Bank for Africa (UBA) signing an agreement to begin operations in Paris. Zenith Bank followed suit by inaugurating its services in France during the visit.
Strengthening Bilateral Relations
This collaboration underscores the growing partnership between Nigeria and France. By focusing on critical sectors such as energy, agriculture, and infrastructure, the agreements aim to foster sustainable economic growth and deepen bilateral ties.
These developments reflect President Tinubu’s efforts to attract foreign investment and create a more robust framework for Nigeria’s socio-economic transformation.
