Nigeria To Attract Over €4bn In Investment Inflows From France – Minister

Nigeria is set to attract more than €4 billion in investment from France as the federal government’s effort to position the country as a leading economic hub in Africa, Minister of Industry, Trade, and Investment Jumoke Oduwole said.

Speaking yesterday on Channels Television’s Politics Today, following President Bola Tinubu’s participation at the Africa-France Summit in Kenya and engagements in Rwanda, Oduwole said the administration’s reform agenda was beginning to attract major international confidence and investment commitments into the Nigerian economy.

She said discussions at the Africa-France Summit and meetings held on the sidelines stressed Nigeria’s strategic economic importance on the continent, particularly as Africa’s largest market and a key destination for foreign direct investment.

According to the minister, about €23 billion in fresh commitments were announced during business engagements at the summit, with €9 billion coming from African investors. At the same time, Nigeria emerged as one of the major beneficiaries through new partnerships across hospitality, financial services, manufacturing and technology.

Oduwole said France regarded Nigeria as its most important market in sub-Saharan Africa, noting that the over €4 billion in expected inflows would support job creation, industrial growth, and economic diversification beyond oil and gas.

The minister said one of the major deals secured during the engagements involved Shoreline Group, led by businessman Kola Karim, signing an agreement with French hospitality giant Accord to develop 10 new hotels across Nigeria.

She disclosed that the first facility was already under construction in Port Harcourt and expected to be completed within four months, while additional projects were planned for Abuja and other parts of the country.

She noted that the hospitality sector remained one of the fastest-growing employers globally because it created opportunities for skilled and unskilled workers alike.

Oduwole also pointed to expansion moves by Nigerian financial institutions, including Zenith Bank’s acquisition of another bank in East Africa, as evidence of Nigeria’s growing economic influence across the continent.

The minister further highlighted the government’s efforts to strengthen non-oil exports through regional trade integration under the African Continental Free Trade Area (AfCFTA), including ongoing discussions with Rwanda Air to boost air cargo services for Nigerian exports.

She said Nigeria continued to dominate Africa’s digital economy space and remained the continent’s leading destination for technology-related foreign direct investment.

She said, “Nigeria is France’s most important market in sub-Saharan Africa, and we have over four billion euros coming in from France into the Nigerian economy. That is how you create jobs.

There’s no shortcut. The Tinubu administration over the last three years has pursued difficult reforms, and we are at an inflexion point. What we’re going for is job creation and growth.

“We also have some convention centres that are going to create huge ecosystems, job creation across different states across the country.

The private sector in Nigeria believes in the Tinubu administration and its reforms. That’s why they could come and represent and show proudly with the President. Presidenting President by step, and the best is yet to come”, she added.