Nigeria, France Sign €300m Infrastructure, Agriculture Agreement

Nigeria, France Sign €300m Infrastructure, Agriculture Agreement
Nigerian President, Bola Tinubu and French President, Emanuel Macron
The agreements reflect the deepening relationship between Nigeria and France, with both nations committing to enhance strategic partnerships in infrastructure, trade, and economic development.

Paris – President Bola Ahmed Tinubu of Nigeria and French President Emmanuel Macron have signed agreements aimed at developing critical infrastructure and bolstering agriculture and food security in Nigeria.

The agreements, worth over €300 million, will target key sectors including healthcare, transportation, agricultural value chains, renewable energy, and human capital development across Nigeria’s six geopolitical zones.

The signing took place at an economic forum held at the Palais des Elysée in Paris, during President Tinubu’s state visit. The forum was attended by top officials, business leaders, and industry captains from both countries.

Key Agreements

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, signed a Letter of Intent alongside Mr. Antoine Armand, representing France. According to the document, both countries pledged to collaborate on financial and technical assistance programs to enhance investment in critical infrastructure, sustainable agriculture, and renewable energy.

The agreement also outlines commitments to foster mutual trade by removing fiscal barriers while protecting labor rights.

In a separate Letter of Intent, the French Development Agency (AFD), represented by its CEO Mr. Rémi Rioux, reaffirmed its commitment to support Nigeria’s “Renewed Hope Agenda” reforms aimed at stimulating economic growth. Areas of focus include urban infrastructure development, housing, education with an emphasis on STEM, and agricultural logistics.

Support for Key Projects

The AFD committed to long-term support for Nigeria’s socio-economic development, particularly in energy access and transition, sustainable agriculture, and food security. The agency also pledged funding for agro-logistics hubs and small and medium-sized enterprises (SMEs) in high-impact sectors.

Nigeria, in turn, assured efficient and expedited implementation of the projects financed by the AFD.

Banking Expansions

As part of the visit, Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, signed an agreement with French officials to launch UBA’s operations in Paris. Additionally, Zenith Bank inaugurated its services in France, marking an expansion of Nigerian banking services in Europe.

Strengthening Bilateral Ties

The agreements reflect the deepening relationship between Nigeria and France, with both nations committing to enhance strategic partnerships in infrastructure, trade, and economic development.

This collaboration is expected to drive sustainable growth and improve living standards across Nigeria.


Copyright 2024 REPORT AFRIQUE (RA). Permission to use portions of this article is granted provided appropriate credits are given to www.reportafrique.com and other relevant sources.This Article is Fact-Checked. See Policy.
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