In a landmark development, President Bola Ahmed Tinubu of Nigeria and French President Emmanuel Macron signed two critical agreements on Thursday in Paris, France, aimed at fostering a robust partnership between the two nations. These agreements, focusing on critical infrastructure development, agriculture, and food security, were sealed during an economic forum at the Palais des Elysée as part of President Tinubu’s state visit.
The agreements were signed in the presence of top government officials, industry leaders, and businessmen from both nations. They highlight a commitment to collaborative efforts in healthcare, transportation, agriculture, renewable energy, and human capital development. Financial and technical assistance programs, valued at over €300 million, will be spread across Nigeria’s geopolitical zones to drive development.
The forum marked significant milestones for Nigerian financial institutions. United Bank for Africa (UBA) formally commenced operations in Paris, with the agreement signed by UBA Chairman Tony Elumelu and French Minister of Economy, Finance, and Industry Antoine Armand. Zenith Bank also launched its services in France during the event.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Mr. Armand signed a Letter of Intent reaffirming commitments to mutual trade, fiscal barrier removal, and the protection of labor rights.
In a separate agreement, Mr. Edun and French Development Agency (AFD) CEO, Mr. Remi Rioux, signed another Letter of Intent to support Nigeria’s Renewed Hope Agenda. This reform initiative focuses on stimulating economic growth through investments in urban infrastructure, transportation, housing, education (particularly STEM), and agriculture.
The AFD pledged long-term support for Nigeria’s socio-economic development, with key initiatives including financing sustainable agriculture and food security projects, improving agro-logistic hubs, supporting energy access and transition to renewable sources, enhancing education in STEM, and providing capital for MSMEs in high-impact sectors.
The Federal Republic of Nigeria also assured expedited implementation of AFD-financed projects, emphasizing the importance of efficient delivery for maximum impact.
The agreements underscore the deepening relationship between Nigeria and France, focusing on mutual trade enhancement and strategic project implementation. With these steps, both nations have reinforced their shared commitment to sustainable development, economic growth, and long-term collaboration in critical sectors.
This strategic alliance marks a significant stride toward achieving President Tinubu’s vision for Nigeria’s economic transformation while strengthening bilateral ties with France.
