Tinubu Secures €300 Million Investment Deals from France to Boost Nigeria’s Economy

President Bola Tinubu has secured two significant trade and investment deals worth €300 million from French President Emmanuel Macron to enhance Nigeria’s critical infrastructure, ensure food security, and support other key sectors.

In a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, on Friday, November 29, it was revealed that the agreements, signed during an economic forum at the Palais des Elysée in Paris, France, underscore the commitment of both nations to foster collaboration.

The forum was attended by businessmen, industry stakeholders, governors, and top government officials from both countries during President Tinubu’s state visit.

Onanuga noted that the funds would be deployed for the benefit of Nigerians across all geopolitical zones.

He wrote, “The two countries affirmed their commitment to collaborate on investments and the development of critical infrastructure, healthcare, transportation, agricultural value chains, renewable energy, and human capital development through diverse financial and technical assistance programs worth over €300 million, spread across all geopolitical zones in Nigeria.”

Explaining the relationship between the commitment to a strategic partnership, Onanuga stated “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.”

Onanuga further highlighted that the agreements underscore the French Development Agency’s (AFD) dedication to supporting President Tinubu’s Renewed Hope Agenda.

Through the financing of sustainable projects in areas such as infrastructure, agriculture, and education, the AFD aims to bolster Nigeria’s economic growth.

Nigeria’s Minister of Finance, Wale Edun, and the Chief Executive Officer of the AFD, Mr. Remi Rioux, signed a Letter of Intent to formalize the partnership.

The statement continued“The declaration outlines the enduring relationship between the AFD and the Federal Republic of Nigeria, and the AFD’s continued commitment to supporting Nigeria’s socio-economic growth through financing sustainable projects in urban infrastructure development, transportation networks, housing, and human capital development, specifically in STEM education, agriculture, food security, and healthcare.”

The AFD also reaffirmed its long-term support for the Renewed Hope Agenda, particularly in areas such as energy access and transition, sustainable agriculture, and food security. The agency committed to funding the development of agro-logistic hubs and providing capital to MSMEs in high-impact sectors.

President Tinubu assured that the funds would be used judiciously, stating “The Federal Republic of Nigeria also affirmed its support for the projects financed by the AFD and committed to ensuring the efficient and expedited implementation of these projects.”

This development follows the recent agreement between United Bank for Africa (UBA) Group Chairman Tony Elumelu and France’s Minister of Economy, Finance, and Industry, Mr. Antoine Armand, enabling UBA to commence full operations in Paris. The move is expected to ease international transactions between Nigeria, Africa, and Europe.