Nigeria, France Sign Agreements On Critical Infrastructure Development

Nigeria and France have signed two agreements on the development of critical infrastructure and the long-term sustenance of agriculture and food security.

Nigeria’s President Bola Tinubu and his  French counterpart Emmanuel Macron signed the two agreements on Thursday in Paris, France.

The agreements signing ceremony was part of activities lined up for the two-day State visit to France by President Tinubu.

According to a statement by Tinubu’s special adviser on Information and Strategy, Bayo Onanuga, the partnership agreements were signed at an economic forum attended by businessmen, captains of industry, governors, and some top government officials of both countries at the Palais des Elysée in Paris on Thursday.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Mr. Armand signed the Letter of Intent.

According to the document, agreement “The two countries affirmed their commitment to work together on investment and development of critical infrastructure, healthcare transportation, agricultural value chain, renewable energy, and human capital development, through diverse financial and technical assistance programmes, of over Euros 300m spread across all geopolitical zones in the country.”

It added that Nigeria and France also committed to “forge a strategic relationship in project implementation and enhance mutual trade and cross border services by removing fiscal barriers while protecting labour rights.”

The Finance Minister, and Chief Executive Officer of the French Development Agency (AFD), Mr. Remi Rioux, also signed another Letter of Intent to support the Renewed Hope Agenda reforms designed to stimulate and strengthen the economy.

The document clarified that the agreement will deepen relationship between the AFD and the Nigeria, and the agency’s “continuing commitment to support the socio-economic growth of Nigeria through financing sustainable projects in urban infrastructure development, transportation network, housing infrastructure, human capital development through improved education specifically in STEM, agriculture, food security and healthcare.”

“The AFD reaffirmed its commitment to long-term support of the Renewed Hope Agenda of Mr President on energy access and transition, sustainable agriculture and food security by financing the improvement of agro-logistic hubs. Importantly, the AFD committed to supporting the real sector by providing capital from MSME in high-impact sectors.

“The Federal Republic of Nigeria also affirmed its support for the projects financed by the AFD and committed to ensure that the implementation of the projects are expedited efficiently,”  the statement added.