With the current economic recession biting hard across Nigeria, more stakeholders have canvassed for effective diversification from the current mono petroleum economy into agriculture, solid minerals and the creative industry. Equally important is the implementation of clear fiscal and monetary policies.

Speaking at a press conference in Lagos, in preparation for the 31st edition of the Annual French Week, Umoru Moses, Acting Director General of the Franco-Nigerian Chamber of Commerce (FNCC), stated that the significance of the event is connected to addressing sundry issues to bail the country out of the economic crunch.

According to Umoru, “the French Week is an event that showcases France’s presence in terms of cultural, economic and financial relationship in all countries with her embassies. The 2016 event is billed to focus on the Nigerian business environment, vis-à-vis, the issues of the country’s recession, ease of doing business and other key issues that affect direct foreign investment in the country.”
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He said: “in addition, attention would be on the issue of security in order to address the United Nations’ report that 20 states in the country are not safe for investment, which was corroborated by SBM Intel (SBM Intelligence, an arm of SB Morgen, an organisation devoted to the collection and analysis of information, through the evaluation of public sources).

He noted that “as a pressure group with the objective of influencing government’s decision in connection with the interest of members and the international business community, there is the need to examine these issues, the veracity of the claims and give advice.”

Concerning the Nigerian content and the effort of the Chamber in ensuring a balance of trade between the two countries, Umoru said: “the Chamber has continued to make effort in bridging the gap. In April this year, we hosted the association of agric-based practitioners at an Agricultural Business Summit which showcased what the Nigerian farmers and agro-allied manufacturers are doing in terms of food production in the country. Consequently, we had more than five farmers who went to France in partnership with the organisation.”

“That is exactly what the Franco-Nigerian Chamber of Commerce is doing – linking businesses between France and Nigeria, and by extension other European and Francophone countries around us. Though the progress is slow, it is believed that with increased activities, there would be a marked improvement in 2017.”

He disclosed “that a group of French small scale businesses (NEDEV) has expressed interest to be in Nigeria to partner with Nigerian entrepreneurs next year. The report at our disposal is that these business concerns want to become venture-capitalists by investing in capital and technology as partners to produce and export products from Nigeria. This is one sure way to reduce deficit in the nation’s balance of trade with these countries. It is a welcome development and we are working hard to ensure that we succeed.”

He added that “as Nigeria remains the investment hub in sub-saharan Africa, the Federal Government needs to urgently look into the issue of clear foreign exchange policy without volatility because this is what other chambers of commerce and international business community are clamouring for.

This is important so that when making plans for a whole year, we can factor that into our risk management strategy.”
Concerning the quality of goods and services that are exchanged, the FNCC boss said “the Nigerian products are of international standard and the volume between 2008 and 2012 was about USD 1.07 trillion worth of investment between the two countries. This figure ranks Nigeria third position, globally, and first in Africa. This is favourable and it can be better. Before now, the mainstay was absolutely oil but the focus is shifting to agriculture and solid minerals in order to take position in these areas in the next one or two years.
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On the issue of entrepreneurship, he explained that “local start-ups have been benefitting from the Chamber’s activities through the Nigerian Business Group, the Association of Small Business Owners of Nigeria (ASBON), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and other relevant government parastatals. We work with heads of local associations educating them about our policies and activities and how their members can benefit. We are also collaborating with the Lagos State Ministry of Commerce, Industry and Cooperatives in order to ensure that these things work well.”

FNCC promotes businesses between Nigeria and France and the body belongs to a network of over 40,000 companies in over eighty countries across the globe. Local members are entitled to automatic access to these businesses globally, mostly from France. The chamber helps businesses, especially the small and medium scale ones, to align with most investors from France working in collaboration with the Economic Section of the Embassy and assisting in case of challenges concerning visa and traveling.

This year’s French Week will be held between November 18th and 25th, 2016. The events lined up include the traditional wine-tasting, an Economic Summit tagged “Promoting Direct Foreign Investment in Nigeria”, aimed at dissecting the business environment in the country, as well as, the Entrepreneur Summit where 100 young entrepreneurs would be trained in digital marketing skills. The summit would serve as a forum to showcase their Made-In-Nigeria products. Also, some of them would submit their business plans which would be checked for viability in terms of sustainability plans and relevance within the Nigerian business environment. Lastly, the Gala Night would provide opportunity for people to network with the aim that key businesses in Nigeria would network with their French counterparts.