President Bola Tinubu has successfully secured two major trade agreements with French President Emmanuel Macron, valued at €300 million, aimed at advancing Nigeria’s critical infrastructure, food security, and other key sectors.
The agreements were finalized during an economic forum held at the Palais des Elysée in Paris, as part of President Tinubu’s state visit to France. The event brought together business leaders, industry captains, governors, and top government officials from both nations.
According to a statement by Bayo Onanuga, the President’s Special Adviser on Information and Strategy, the Letter of Intent for the agreements was signed by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
These agreements underscore Nigeria’s commitment to fostering international partnerships to drive economic growth and development.
“The two countries affirmed their commitment to work together on investment and development of critical infrastructure, healthcare transportation, agricultural value chain, renewable energy, and human capital development, through diverse financial and technical assistance programmes, of over Euros 300m spread across all geopolitical zones in the country.
“The two countries committed to forge a strategic relationship in project implementation and enhance mutual trade and cross border services by removing fiscal barriers while protecting labour rights,” it read.
Minister of Finance, Edun, and Chief Executive Officer of the French Development Agency (AFD), Mr. Remi Rioux, signed another Letter of Intent to support the Renewed Hope Agenda reforms designed to stimulate and strengthen the economy.
The statement added that: “The Declaration set out the enduring relationship between the AFD and the FRN, and the AFD’s continuing commitment to support the socio-economic growth of Nigeria through financing sustainable projects in urban infrastructure development, transportation network, housing infrastructure, human capital development through improved education specifically in STEM, agriculture, food security and healthcare.
“The AFD reaffirmed its commitment to long-term support of the Renewed Hope Agenda of Mr President on energy access and transition, sustainable agriculture and food security by financing the improvement of agro-logistic hubs. Importantly, the AFD committed to supporting the real sector by providing capital from MSME in high-impact sectors.
“The Federal Republic of Nigeria also affirmed its support for the projects financed by the AFD and committed to ensure that the implementation of the projects are expedited efficiently.”
The two Presidents had earlier in Paris, the French capital witnessed the signing of the agreement by the United Bank for Africa (UBA) Group Chairman Tony Elumelu and Mr. Antoine Armand, the French Minister of Economy, Finance and Industry for the bank to commence operations in Paris.
Zenith Bank also inaugurated its services in the country during the visit.