France, Nigeria To Strengthen Economic Relations Through Sustainable Investment

The French and Nigeria government would strengthen their economic relations in deepening infrastructural development, renewable energy, and agriculture sector.

This was stated at the 2024 French Week held yesterday in Lagos with the theme ‘Enhancing France-Nigeria Relations Through Sustainable Investment and Partnership’.

The Vice President Kashim Shettima stated that “this week, we are focused on enhancing France-Nigeria relationships through sustainable investments and partnerships.”

Representing the Vice President, Technical Adviser to the President on Foreign Direct Investment (FDI), Princess Zahrah Mustapha-Audu, said that “with France being one of the largest trading partners, we are eager to explore new avenues for cooperation, particularly in the areas of infrastructural development, renewable energy, and agriculture.”

He said that “the theme speaks to the unique opportunity before us to build a future based not only on economic growth, but also on sustainability, resilience, and inclusivity. France and Nigeria have had a long-standing history of collaboration, grounded in trade, cultural exchanges, and strong diplomatic ties.

“French businesses have become pivotal partners in various sectors of our economy, from energy and infrastructure to agriculture and finance. Total Energies and Lafarge Africa among others, and are one of the biggest companies in the Oil & Gas and Cement industries.

The vice president said “in our pursuit of growth, we must adopt a sustainable investment mindset, acknowledging that climate change and energy transition requires Nigeria and France to unite in partnerships that yield triple bottom-up.”

Speaking, the president of France-Nigeria Business Council and the chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede said that “this annual event celebrates the strong and dynamic partnership between France and Nigeria. And as in all partnerships, they must continue to be watered, nurtured, strengthened, and elevated.”

He added that the countries share a very long-standing relationship, built on continuous collaboration, shared values, and shared passions, saying that “our partnership has become even more essential, offering both countries a chance to drive economic progress and strengthen connections, not just for our two countries, but indeed our regions and the entire world.”

The Commissioner for Commerce, Cooperatives, Trade & Investment (MCCTI), Folashade Ambrose-Medebem said that the French companies have played crucial roles in Lagos-based energy transition initiatives, contributing technology and expertise that support our efforts to reduce emissions, enhance power access, and ultimately improve the quality of life for our people.

She highlighted three crucial areas of opportunity where sustainable investments can make a transformative impact; Renewable energy and climate resilience; Agribusiness and food security; and Technology and digital innovation.

She explained that the French expertise in renewable energy can be instrumental in helping Nigeria meet its key energy targets and improve resilience to climate impact.

Also, the Consul General of France in Lagos Laurent Favier said that France has continued to play a strategic role in Nigeria’s development with over 100 companies creating more than 16,000 direct jobs.

He stated that “in Africa, France’s leading investment country in the region, as Nigeria stands for 60 per cent of our investment in West Africa. To date, France has invested more than €10 billion in Nigeria.

“Our companies cover a remarkable spectrum of fields, such as oil & gas, agriculture, agri-food, pharmaceutical industry, renewable energies, tech logistics, microfinance, among others.