November 23, (THEWILL) – France has reaffirmed its willingness to strengthen bilateral cooperation with Nigeria in the areas of agriculture, energy and tech.
French Foreign Trade Minister, Oliver Becht, stated this on Thursday, in Lagos at the French-Nigerian Economic Summit, a highlight of the “French Week” – a series of events organised yearly by the French-Nigerian Chamber of Commerce.
Becht’s visit to Nigeria is the third from a French official since the election of President Tinubu and comes only two weeks after the French Minister of Foreign Affairs met the Nigerian President in early November.
During his speech at the economic summit, Becht praised the exceptional density of the French-Nigerian economic relation. “Nigeria is a key economic partner for France,” he stated, citing Nigeria’s pace as France’s first trading partner in sub-Saharan Africa, accounting for over 20% of France’s trade with the region.
“France is among the very top investors in Nigeria, with over $10bn in investment stocks. Together, the hundred or so French companies that have a permanent presence in Nigeria, in a wide range of sectors, employ over 10,000 people in the country – mostly Nigerians. These French companies are not just selling French products; they are investing in Nigeria’s economy and creating jobs, factories, farms and vocational training centres,” he said.
Describing agriculture, energy and tech as high-potential areas of cooperation, he stated that the implementation of the reform agenda had raised high expectations among French companies and investors, many of whom had made the trip, especially from France. He cited agriculture, energy and tech as the areas having the greatest potential for future bilateral relations.
He said, “Agriculture is certainly a central aspect of economic prosperity and self-reliance. Sound agriculture helps keep food prices down and provides jobs for the youth in rural areas, increasing opportunities for all. I believe France, as Europe’s first agricultural power, is Nigeria’s natural partner for agribusiness.”
The Minister announced that for the first time in history, Nigeria will be represented next February at the Paris International Agricultural Show – one of the largest in the world – thanks to a dedicated pavilion.
“France wants to support the efforts of the Nigerian Government and private sector in energy. French businesses already have a strong presence in Nigeria, with RTE – the national power transporter in France – providing advice for the conception of the Northern Corridor, a major infrastructure project to which AFD is contributing €200m in financing. On the other end of that spectrum, French energy majors such as Engie or TotalEnergies are very active in Nigeria in the solar mini-grid industry, effectively contributing to the electrification of rural areas and private industrial clusters.
“Tech is another sector with tremendous potential for French-Nigerian cooperation. I would like to underline this little-known fact that France is a European powerhouse in entrepreneurship and innovation. According to the OECD, France is the European country that is most attractive for start-up founders, ahead of the UK. Globally, we rank third, behind Canada and the United States. In fact, for the fourth year running, France is the number one investment destination in Europe, especially for R&D centres, and a champion in innovation,” he stated.
The Economic Summit included a signing ceremony, during which several deals were made public, especially in the field of agribusiness. Raedial Holdings and Compagnie Fruitière signed a MoU announcing their project to grow bananas in Cross River State. Also, FanMilk (a brand of Danone) signed with Koolboks, a start-up co-founded in France by a Nigerian entrepreneur, to use innovative fridges for delivery operations. Other deals were signed in the field of renewable energy.
The high-level event had in attendance the President of the French-Nigerian Chamber of Commerce, Mr. Usman Mohammed, who opened the event, as well as Dr Hebert Wigwe, President of the France-Nigeria Business Council.
Janefrances Ebere Chibuzor is a Tourism Writer at THEWILL
