French govt reaffirms commitment to trade ties with Nigeria

To promote trade ties, Consul-General of France in Lagos, Laurence Monmayrant, has reaffirmed the French government’s commitment to the development of businesses and economic ties within Nigeria.

She stated this in Lagos when the President of the Franco-Nigerian Chamber of Commerce and Industry (FNCCI), Usman Mohammed, led her to the Nigerian Exchange Group (NGX Group) to perform the closing gong ceremony to officially close the day’s trading on Tuesday.

According to her, the French government is looking forward to working with NGX to have more brands listed on its platform in the coming year.

Monmayrant said: “I understand that a lot has been done since the demutualisation process. They have improved in many ways, whether on reutilisation and also finance which is a very interesting topic to us in France.

“It is very interesting for us to be here to see what is going on. You know we have 100 French companies in Nigeria and I came along with the Chairman of the Franco-Nigerian Chamber of Commerce and Industry and his board members. They have over 400 French and Nigerian companies as members, so you can see that we have strong economic and business ties with Nigeria.

“We also have a lot of investment in Nigeria, nearly $10 billion. It is very interesting to us to see what is happening here at the NGX. We wish for more cooperation between France and Nigeria for business and finance, this is what we promote at the French embassy and consulate with all French agencies here in Nigeria. So, it is very interesting to see what is going on. We want to promote ties within Nigeria and France,” she said.

Monmayrant, stated further that the Franco-Nigeria Chamber of Commerce is pleased with the exchange’s role in sustainability and finance, noting that these functions correspond with the chamber’s values.

She said: “We are very interested in the work that we are doing because the stock exchange is a catalyst of attracting investments to Nigeria and this is something we are working on also. Currently, the Franco-Nigerian chamber has over 400 members and among them, are 100 French companies and also Nigerian companies having a strong interest in France and it is our job to foster these economic ties between France and Nigeria.”

Mohammed said the chamber is highly interested in partnering with the NGX, while expressing optimism going forward that French businesses will be listed on the exchange.

In his words: “We are happy to facilitate this ceremony in appreciation of the Consul General’s support of the chamber’s mandate. Her contribution in promoting France Nigeria business relationship, support for women in leadership, and drive for gender equality in the course of her active service in Nigeria cannot go unnoticed.”

Chairman, the Association of Securities Dealing Houses of Nigeria, Sam Onukwue, welcomed the chamber to the NGX, stating that there are very few French companies listed on the stock exchange.

He said: “We are looking forward to more French companies coming to the exchange because we are ready to work with you.”

The sounding of the closing gong at the NGX is an honor usually bestowed on individuals that have created an impact in their respective endeavors. We have seen presidents, key business figures and diplomats, among others perform this very iconic ceremony in the past.

In his opening remark, Divisional Head, Capital Markets, NGX, Jude Chiemeka, said that the Exchange is particularly interested in forging a relationship around the 100 companies that are French companies operating in Nigeria as the NGX is known to house over 153 listed companies and has 232 trillion license holders.

Chiemeka noted that the NGX sees itself as the African hub for corporates seeking to raise capital and for investors looking for investment instruments to help grow their wealth.