FG Woos French Investors With Pro-Business Reforms

The minister of Information and National Orientation, Mohammed Idris, urged French investors to take advantage of Nigeria’s robust pro-business reforms, highlighting the country’s vast market potential and investor-friendly policies to attract sustainable foreign direct investment.

Speaking at the Nigeria Business Forum in Paris on Thursday, Idris showcased Nigeria’s renewed economic momentum under President Bola Ahmed Tinubu’s administration. The forum, organised by Business France, attracted over 200 French companies and key stakeholders from diverse sectors.

The Minister appreciated longstanding French partners operating in Nigeria—including TotalEnergies, Lafarge, Peugeot, Danone, Alstom, and Schneider Electric—for their contributions to key sectors such as energy, infrastructure, agriculture, healthcare, and manufacturing.

Under President Tinubu’s leadership, Idris said, Nigeria is undergoing an “unprecedented journey of reform” driven by the Renewed Hope Agenda — an eight-point strategic plan to unlock the nation’s vast economic potential.

“These historic reforms are building a more competitive, transparent, and investor-friendly economy, positioning Nigeria as the gateway to Africa’s booming consumer market under the African Continental Free Trade Area (AfCFTA),” he said.

Among the key reforms highlighted were the unification and stabilisation of the foreign exchange regime, phasing out fuel subsidies to curb leakages and boost development funding, and implementing cost-reflective electricity tariffs to ensure sustainability. Other reforms include tax restructuring to promote transparency and ease of business, legislative and fiscal policies supporting private-sector-led growth, trade facilitation through the National Single Window, and digital reforms, including immigration and border policy upgrades to streamline trade and mobility.

Idris underscored Nigeria’s unique investment appeal: Africa’s largest economy, a population exceeding 220 million — over 70% of whom are under age 35 — and more than 26 years of uninterrupted democratic governance, fostering political stability and institutional continuity.

He assured investors of a well-regulated, rule-of-law-based economy supported by strong institutions such as the Central Bank of Nigeria (CBN), the Nigerian Investment Promotion Commission (NIPC), the Securities and Exchange Commission (SEC), and the Federal Competition and Consumer Protection Commission (FCCPC).

The Minister noted that, in just 20 months, the Tinubu administration has reversed Nigeria’s fiscal trajectory, recording 3.84% GDP growth in Q1 2024, boosting revenues by over 20% and significantly reducing the proportion of revenue spent on debt servicing.

“The government is acting as a catalyst for private sector growth through strategic initiatives like the Renewed Hope Infrastructure Development Fund (RHIDF), the Nigerian Consumer Credit Corporation (CrediCorp), the Presidential CNG Initiative, the MOFI Real Estate Investment Fund (MREIF), and several others,” he added.

“These initiatives are laying the foundation for mobilising trillions of naira in private sector investments across infrastructure, consumer credit, healthcare, real estate, and beyond.”

He also highlighted the growing expansion of Nigerian banks into Europe — including opening new offices in Paris — and projected an increased Nigerian presence in France across creative industries, media, and technology.

Idris invited French companies, particularly agribusiness, to explore opportunities in Nigeria’s livestock sector, where the newly established Ministry for Livestock Development presents fresh avenues for partnership. Citing Danone’s global leadership in dairy products, he noted the potential for deeper engagement.

Reaffirming Nigeria’s unwavering reform agenda, Idris echoed President Tinubu’s message during his 2024 visit to France: “We must brace up for the future with commitment and optimism, and with the courage of our founding fathers.”

While in Paris, the Minister will also hold bilateral meetings with leading French media and cultural institutions, including France Médias Monde, the French Regulatory Authority for Audiovisual and Digital Communication (ARCOM), the Ministry of Culture, and Thomson Broadcast — as part of broader efforts to strengthen Nigeria-France cooperation in the information and broadcast sectors.