President Bola Ahmed Tinubu and French President Emmanuel Macron have formalized two agreements aimed at fostering collaboration on the development of essential infrastructure and ensuring long-term agricultural and food security in Nigeria. The agreements, which are set to be executed across the country’s six geopolitical zones, focus on healthcare transportation, agricultural value chains, and renewable energy, with an investment exceeding €300 million.
The partnership agreements were finalized during an economic forum held at the Palais des Elysée in Paris, France, attended by business leaders, industry executives, governors, and senior officials from both nations as part of President Tinubu’s state visit.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, along with Mr. Armand, signed the Letter of Intent.
Tinubu emphasized the commitment to Nigeria’s economic reforms during discussions with Macron. The document outlined that both countries pledged to collaborate on investment and the development of critical infrastructure, healthcare transportation, agricultural value chains, renewable energy, and human capital development through various financial and technical assistance programs totaling over €300 million, distributed across all geopolitical zones in Nigeria.
The two nations also agreed to establish a strategic partnership for project implementation and to enhance mutual trade and cross-border services by eliminating fiscal barriers while safeguarding labor rights.
Additionally, Minister Edun and Mr. Remi Rioux, the Chief Executive Officer of the French Development Agency (AFD), signed another Letter of Intent to support the Renewed Hope Agenda reforms aimed at revitalizing and strengthening the economy.
The Declaration outlined the enduring relationship between the AFD and the Federal Republic of Nigeria (FRN), emphasizing the AFD’s ongoing commitment to Nigeria’s socio-economic development through financing sustainable projects in urban infrastructure, transportation, housing, human capital development with a focus on STEM education, agriculture, food security, and healthcare.
The AFD reiterated its long-term support for the Renewed Hope Agenda, particularly in energy access and transition, sustainable agriculture, and food security by financing improvements in agro-logistic hubs. Furthermore, the AFD pledged to assist the real sector by providing capital for micro, small, and medium enterprises (MSMEs) in high-impact sectors.
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The Federal Republic of Nigeria also expressed its support for the projects funded by the AFD and committed to ensuring the efficient and expedited implementation of these projects.
Earlier, Presidents Tinubu and Macron oversaw the signing of an agreement allowing the United Bank for Africa (UBA) Group Chairman, Tony Elumelu, and Mr. Antoine Armand, the French Minister of Economy, Finance, and Industry, to initiate banking operations in Paris. Zenith Bank also launched its services in France during this visit.
