France and Nigeria have reaffirmed their commitment to strengthen their economic relations in various sectors, such as technology, energy and agriculture. This was the main theme of the French-Nigerian Economic Summit, which took place yesterday in Lagos, as part of the French Week organised by the French-Nigerian Chamber of Commerce.
The summit witnessed the signing of several memoranda of understanding (MoUs) between French and Nigerian companies, especially in the field of agribusiness. One of the deals involved Raedial Holdings and Compagnie Fruitière, a French fruit company, to grow bananas in Cross River State. Another deal involved FanMilk, a dairy brand owned by Danone, and Koolboks, a start-up co-founded in France by a Nigerian entrepreneur, to use innovative fridges for delivery operations.
The French Minister for Foreign Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht, who attended the summit, said that Nigeria is a key economic partner for France, ranking first as France’s trading partner in sub-Saharan Africa, accounting for over 20 per cent of France’s trade with the region. He also said that France is among the very top investors in Nigeria, with over $10 billion in investment stocks.
Becht highlighted the potential of deepening bilateral trade relations in three sectors: technology, energy and agriculture. He said that France, as Europe’s first agricultural power, is Nigeria’s natural partner for agribusiness, and announced that Nigeria will be represented for the first time in history at the Paris International Agricultural Show next February.
He also said that France wants to support the efforts of the Nigerian government and private sector in energy, noting that French businesses already have a strong presence in Nigeria, from RTE, the national power transporter in France, providing advice for the conception of the Northern Corridor, a major infrastructure project, to Engie or TotalEnergies, French energy majors, being very active in Nigeria in the solar mini-grid industry, effectively contributing to the electrification of rural areas and private industrial clusters.
Becht also praised the innovation and entrepreneurship of the Nigerian tech sector and said that France is a European powerhouse in these fields, being the most attractive country for start-up founders in Europe, according to the OECD. He said that France and Nigeria can cooperate more in the tech sector, especially in the fields of fintech, e-health and e-education.
The summit also featured the launch of the OMI EKO Initiative, a partnership between Lagos State and France to establish a mass public Inland Waterways Transport system in Lagos, facilitating the transportation of 24 million commuters annually. This initiative is expected to bring about substantial cost savings, impressive reductions in travel time, and a significant decrease in CO2 emissions.
The summit was part of the French Week, an annual event that showcases the diversity and dynamism of the French-Nigerian relations, in the fields of culture, education, business and sports. The French Week aims to foster mutual understanding and collaboration between the two countries and to promote the values of innovation, creativity and sustainability.
Source: The Guardian Nigeria
