France leverages energy, tech others to deepen ties with Nigeria

French Minister for Foreign Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht, has said that technology, agricultural and energy sectors have the highest potential of deepening bilateral trade relations between France and Nigeria in the future.

He said this at the French-Nigerian Economic Summit yesterday in Lagos, which was part of the events for French Week organised yearly by the French-Nigerian Chamber of Commerce.

The Summit also included a memorandum signature ceremony, during which several deals were made public, especially in the field of agribusiness. Raedial Holdings and Compagnie Fruitière signed an MoU announcing their project to grow bananas in Cross River State. FanMilk (a brand of Danone) signed with Koolboks, a start-up co-founded in France by a Nigerian entrepreneur, to use innovative fridges for the delivery operations. Other deals were signed in the field of renewable energy.

Stating that the implementation of the reform agenda had raised high expectations among French companies and investors, he applauded the exceptional density of the French-Nigerian economic relation, saying Nigeria is a key economic partner for France, while stating that Nigeria ranks first as France trading partner in sub-Saharan Africa, accounting for over 20 per cent of France’s trade with the region.

“France is among the very top investors in Nigeria, with over $10billion in investment stocks. Together, the hundred or so French companies that have a permanent presence in Nigeria, in a wide range of sectors, employ over 10,000 people in the country, mostly Nigerians. These French companies are not just selling French products: they are investing in Nigeria’s economy and creating jobs, factories, farms and vocational training centres,” he said.

The summit established that agriculture is a central aspect of economic prosperity and self-reliance.

“A sound agriculture reduces the need to import food from abroad, it helps keep food prices down, provides jobs for the youth in rural areas, increasing opportunities for all. I believe France, as Europe’s first agricultural power, is Nigeria’s natural partner for agribusiness.”

The Minister also announced that for the first time in history, Nigeria will be represented next February at the Paris International Agricultural Show.

According to Becht, France wants to support the efforts of the Nigerian government and private sector in energy. French businesses already have a strong presence in Nigeria, with RTE, the national power transporter in France, providing advice for the conception of the Northern Corridor, a major infrastructure project to which AFD is contributing 200 M€ in financing. On the other end of that spectrum, French energy majors such as Engie or TotalEnergies are very active in Nigeria in the solar mini-grid industry, effectively contributing to the electrification of rural areas and private industrial clusters.

“Tech is another sector with tremendous potential for French-Nigerian cooperation. I would like to underline this little-known fact that France is a European powerhouse in entrepreneurship and innovation. According to the OECD, France is the European country that is most attractive for start-ups founders, ahead of the UK. Globally, we rank third, behind Canada and the United States. In fact, for the fourth year running, France is the number one investment destination in Europe, especially for R&D centres, and a champion in innovation,” he said.

Meanwhile, Lagos-France has partnered in revolutionising urban transportation through the OMI EKO Initiative. Supported by the Lagos State Waterways Authority (LASWA), The OMI EKO project, an extension of the successful Lagos State-AFD partnership, aims to establish a mass public Inland Waterways Transport system in Lagos, facilitating the transportation of 24 million commuters annually. This ambitious initiative is poised to bring about substantial cost savings, impressive reductions in travel time, and a significant decrease in CO² emissions.