Raphael Oni
In a significant move to bolster bilateral relations and economic cooperation, Nigeria and France have signed two landmark agreements on critical infrastructure and economic development. The agreements were signed during President Bola Tinubu’s state visit to France, where he met with French President Emmanuel Macron.
The first agreement, signed by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and French Minister of Economy, Finance and Industry, Mr. Antoine Armand, outlines a commitment to work together on investment and development of critical infrastructure, including healthcare, transportation, agricultural value chain, renewable energy, and human capital development.
The agreement also commits to forging a strategic relationship in project implementation and enhancing mutual trade and cross-border services by removing fiscal barriers while protecting labor rights. The partnership is expected to attract over Euros 300m in investments, spread across all geopolitical zones in Nigeria.
The second agreement, signed by Mr. Edun and Chief Executive Officer of the French Development Agency (AFD), Mr. Remi Rioux, focuses on supporting the Renewed Hope Agenda reforms designed to stimulate and strengthen the Nigerian economy. The AFD has committed to providing long-term support for socio-economic growth in Nigeria, financing sustainable projects in urban infrastructure development, transportation networks, housing infrastructure, human capital development, agriculture, food security, and healthcare.
In addition to these agreements, Zenith Bank has inaugurated its services in Paris, marking a significant milestone in the bank’s expansion plans. The United Bank for Africa (UBA) is also set to commence operations in Paris, following the signing of an agreement between UBA Group Chairman Tony Elumelu and Mr. Armand.
These developments are expected to deepen economic cooperation between Nigeria and France, driving growth and development in key sectors.
