President Bola Tinubu has successfully secured two major trade agreements valued at €300 million from French President Emmanuel Macron, aimed at bolstering Nigeria’s critical infrastructure, food security, and other key sectors of the economy. These agreements represent a significant milestone in the strategic partnership between Nigeria and France, underscoring both nations’ commitment to fostering sustainable economic growth and development.
The agreements were finalized during an economic forum held at the iconic Palais des Elysée in Paris, France. This high-level event was part of President Tinubu’s state visit to France and drew participation from an esteemed gathering of business leaders, industry captains, governors, and top government officials from both nations. In a formal gesture signifying Nigeria’s commitment to the partnership, the country’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, signed the Letter of Intent on behalf of the Nigerian government.
A statement released by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, highlighted the scope and importance of the agreements. It noted that the two countries reaffirmed their shared dedication to the development and enhancement of key sectors such as critical infrastructure, healthcare, transportation, agricultural value chains, renewable energy, and human capital development. These efforts are supported by diverse financial and technical assistance programs, totaling over €300 million, strategically distributed across Nigeria’s geopolitical zones.
Additionally, the agreements also set a framework for fostering stronger bilateral ties in project implementation, mutual trade, and cross-border services. This includes measures to eliminate fiscal barriers while ensuring the protection of labor rights, thus paving the way for a more inclusive and equitable economic relationship between Nigeria and France.
In a parallel development, the Minister of Finance, Wale Edun, and the Chief Executive Officer of the French Development Agency (AFD), Mr. Remi Rioux, signed another crucial Letter of Intent. This agreement emphasizes support for Nigeria’s Renewed Hope Agenda reforms, a transformative initiative designed to stimulate and strengthen the country’s economy.
The statement further elaborated on the AFD’s ongoing and long-term commitment to Nigeria, outlining its plans to support socio-economic growth through sustainable financing. Key focus areas include urban infrastructure development, transportation networks, housing infrastructure, human capital development with a special emphasis on STEM education, agriculture, food security, and healthcare.
The AFD’s commitment also extends to addressing critical energy needs, particularly through support for energy access and transition projects. In addition, the AFD pledged to back sustainable agricultural practices and food security initiatives by financing the improvement of agro-logistic hubs. Importantly, the agency is dedicated to empowering the real sector by providing capital to MSMEs operating in high-impact sectors, thereby fostering entrepreneurship and economic resilience in Nigeria.
