During a landmark state visit to France, Nigerian President Bola Tinubu and French President Emmanuel Macron signed two pivotal agreements that promise to boost bilateral cooperation in key sectors such as infrastructure development, agriculture, and food security.
The agreements, formalized on Thursday at an economic forum held at the Palais des Élysée, aim to lay the foundation for long-term, sustainable growth between the two nations.
The signing ceremony was attended by an array of business leaders, industry experts, state governors, and top officials from both countries.
It marked a significant step forward in strengthening the partnership between Nigeria and France, particularly in the areas of critical infrastructure and agricultural development.
Among the notable outcomes of the forum, United Bank for Africa (UBA) announced the opening of its operations in Paris, a move that positions the bank as a key player in strengthening financial ties between the two countries.
Similarly, Zenith Bank, another major Nigerian financial institution, launched its services in France, further cementing the financial collaboration between Nigeria and France.
In a separate development, Nigeria’s Minister of Finance, Wale Edun, and French Minister of Economy, Finance, and Industry, Antoine Armand, signed a Letter of Intent.
This document reaffirms both countries’ commitment to mutual investment in critical sectors such as healthcare, transportation, renewable energy, human capital development, and agriculture.
The financial package outlined in the agreement is valued at over €300 million and will be allocated across Nigeria’s geopolitical zones, ensuring a widespread impact.
“The partnership will help address key challenges facing Nigeria, particularly in critical infrastructure development and the sustainability of its agricultural sector,” Mr. Edun remarked during the signing ceremony.
The agreement also highlights both nations’ intention to create an environment conducive to project implementation, removing fiscal barriers, and enhancing labor rights protections.
Further solidifying the financial commitment, Mr. Edun and Rémi Rioux, the Chief Executive Officer of the French Development Agency (AFD), signed another Letter of Intent.
This agreement supports Nigeria’s Renewed Hope Agenda, a set of economic reforms designed to stimulate national growth.
The partnership will focus on sustainable projects in urban infrastructure, education, healthcare, agriculture, and renewable energy, all integral components of Nigeria’s economic recovery plan.
AFD’s ongoing support includes funding agro-logistic hubs, which are expected to facilitate energy access, promote sustainable agriculture, and assist micro, small, and medium-sized enterprises (MSMEs).
This move aligns with France’s broader objective to support Nigeria’s socio-economic development, particularly in rural and underserved regions.
Speaking at a joint press conference with President Macron, President Tinubu emphasized Nigeria’s commitment to enhancing cooperation with France in key areas, particularly food security, energy, solid minerals, education, and defense.
“This visit signals the beginning of a new phase of cooperation between our two nations,” President Tinubu declared, highlighting the shared goals of fostering long-term growth and prosperity.
The signing of these agreements represents a crucial milestone in the deepening of Nigeria and France’s strategic relationship. Both leaders expressed optimism about the future of this partnership, which is set to play a significant role in driving sustainable development in both countries.
The agreements concluded a successful three-day state visit by President Tinubu to France, marking the start of a promising era of cooperation.
