Nigeria and France strengthen ties with intent letters on infrastructure development, marking a new era of cooperation. Meanwhile, Zenith Bank celebrates the opening of its Paris branch.
On Thursday in Paris, France, President Bola Tinubu and French President Emmanuel Macron signed two agreements to establish a collaboration focused on developing essential infrastructure and ensuring the long-term sustainability of agriculture and food security.
Earlier, President Tinubu and President Macron observed the signing of an agreement by Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, and Antoine Armand, French Minister of Economy, Finance and Industry. This agreement allows UBA to begin operations in Paris.
During the visit, Zenith Bank also launched its services in the country.
The partnership agreements were finalized at an economic forum held at the Palais des Élysée in Paris, France, during President Tinubu’s state visit. The event was attended by business leaders, industry executives, governors, and senior government officials from both countries.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, along with Armand, signed the Letter of Intent.
As stated in the document, the two countries have pledged to collaborate on investment and development efforts across several sectors, including critical infrastructure, healthcare transportation, agricultural value chains, renewable energy, and human capital development. They plan to implement a variety of financial and technical assistance programs amounting to over 300 million Euros distributed throughout all geopolitical zones in the country.
The two countries pledged to establish a strategic partnership in project execution and promote mutual trade along with cross-border services by eliminating fiscal obstacles, all while safeguarding labor rights.
The Minister of Finance, Edun, and the Chief Executive Officer of the French Development Agency (AFD), Mr. Remi Rioux, have signed a new Letter of Intent aimed at supporting the Renewed Hope Agenda reforms to stimulate and strengthen the economy.
The document, “The Declaration,” outlines the lasting partnership between the AFD and the FRN. It emphasizes AFD’s ongoing dedication to fostering Nigeria’s socio-economic growth by funding sustainable projects in areas such as urban infrastructure development, transportation networks, housing infrastructure, human capital enhancement through better education—particularly in STEM fields—as well as agriculture, food security, and healthcare improvements.
The AFD has reiterated its dedication to the Renewed Hope Agenda of Mr. President, specifically focusing on enhancing energy access and transition, as well as promoting sustainable agriculture and food security through financial support for improving agro-logistic hubs. Additionally, the AFD pledged to aid in strengthening the real sector by providing capital to MSMEs operating in high-impact industries.
The Federal Republic of Nigeria also expressed its support for the projects funded by AFD and pledged to ensure their efficient and prompt implementation.
