The governments of Nigerian President Bola Tinubu and French President Emmanuel Macron have committed to engaging in diverse financial and technical assistance programs worth over €300 million, aimed at supporting various investments in Nigeria.
This was disclosed in a statement signed by Bayo Onanuga, Special Adviser to the President (Information & Strategy), on Friday, November 29, 2024.
The commitment is part of two agreements signed by the counterparts on Thursday in Paris, France, aimed at fostering a partnership focused on the development of critical infrastructure and the long-term sustenance of agriculture and food security.
Financial and Technical Assistance
- According to the Nigerian presidency, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Mr. Antoine Armand, the French Minister of Economy, Finance, and Industry, signed a Letter of Intent.
- The letter outlined several investments across various sectors in Nigeria.
The document, cited by the presidency, reads:
“The two countries affirmed their commitment to work together on investment and development of critical infrastructure, healthcare, transportation, agricultural value chains, renewable energy, and human capital development, through diverse financial and technical assistance programs, of over €300 million, spread across all geopolitical zones in the country.”
“The two countries committed to forging a strategic relationship in project implementation and enhancing mutual trade and cross-border services by removing fiscal barriers while protecting labor rights.”
- Furthermore, Edun and the Chief Executive Officer of the French Development Agency (AFD), Mr. Rémi Rioux, signed another Letter of Intent to support President Bola Tinubu’s Renewed Hope Agenda reforms, which are designed to stimulate and strengthen the economy.
- The document emphasized the enduring relationship between the AFD and the Federal Government, and the AFD’s continuing commitment to supporting Nigeria’s socio-economic growth through financing sustainable projects in urban infrastructure development, transportation networks, housing, human capital development (with a focus on improving STEM education), 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-logistics hubs. Importantly, the AFD committed to supporting the real sector by providing capital to MSMEs in high-impact sectors,” the presidency quoted the document as stating.
On the part of the Federal Government, it affirmed its support for the projects financed by the AFD and committed to ensuring that the implementation of the projects is expedited efficiently.
More Insights
Earlier, Tinubu and Macron witnessed the signing of the agreement by United Bank for Africa (UBA) Group Chairman Tony Elumelu and the French Minister of Economy, Finance, and Industry for the bank to open a branch in Paris.
Zenith Bank was said to have inaugurated its services in the country during the state visit.
