Nigeria, France Sign Agreements on Infrastructure, Food Security

Nigeria’s President, Bola Ahmed Tinubu and French President Emmanuel Macron have signed two agreements to foster collaboration in developing essential infrastructure and ensuring long-term agricultural sustainability and food security.

These agreements signed on Thursday in Paris, signify a commitment to enhancing agricultural productivity and infrastructure, targeting critical areas necessary for economic growth and stability in both nations.

Letters Of Intent 

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: “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.

“The two countries 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.”

A statement issued by the Presidential Spokesperson, Mr Bayo Onanuga disclosed that the Minister of Finance, Edun, and the Chief Executive Officer of the French Development Agency (AFD), Mr. Remi Rioux, signed another Letter of Intent to support the Renewed Hope Agenda reforms designed to stimulate and strengthen the economy.

The document states, “The Declaration “ set out the enduring relationship between the AFD and the FRN and the AFD’s continuing commitment to support Nigeria’s socio-economic growth through financing sustainable projects in urban infrastructure development, transportation network, housing infrastructure, and 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 Private Sector Support, UBA Signs Agreement 

Also, President Tinubu and President Macron witnessed the signing of the agreement by the United Bank for Africa (UBA) Group Chairman Tony Elumelu and Mr. Antoine Armand, the French Minister of Economy, Finance and Industry for the bank to commence operations in Paris.

Zenith Bank also inaugurated its services in the country during the visit.

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, France, during President Tinubu’s state visit.

Dominica Nwabufo