Nigeria courts French investors, showcases economic reforms
The Minister of Information and National Orientation, Mohammed Idris, has called on French investors to take advantage of Nigeria’s sweeping economic reforms and vast market potential. Speaking at the Nigeria Business Forum in Paris on Thursday, he emphasized the country’s commitment to attracting long-term foreign direct investment.
Organized by Business France, the event drew participation from over 200 French companies. Minister Idris used the platform to acknowledge the contributions of longstanding French firms operating in Nigeria, including TotalEnergies, Lafarge, Peugeot, Danone, Alstom, and Schneider Electric. These companies, he said, have played vital roles in sectors such as energy, infrastructure, agriculture, and healthcare.
Idris described Nigeria’s economic transformation under President Bola Ahmed Tinubu as “an unprecedented journey of reform,” guided by the Renewed Hope Agenda — a strategic eight-point plan to unlock economic growth. He said the reforms aim to create a more transparent, competitive, and investor-friendly environment.
Key reforms outlined by the Minister include the unification and stabilization of the foreign exchange market, removal of fuel subsidies, and cost-reflective electricity tariffs. He also highlighted tax reforms, legislative adjustments to support private-sector growth, trade facilitation via the National Single Window, and digital initiatives to improve immigration and border control.
The Minister positioned Nigeria as an attractive investment destination, citing its status as Africa’s largest economy, a population of over 220 million — more than 70% of whom are under 35 — and a track record of 26 years of uninterrupted democratic governance. He assured investors of a stable, rule-of-law-based system backed by strong institutions like the CBN, NIPC, SEC, and FCCPC.
He noted that in just 20 months, the Tinubu administration has significantly improved Nigeria’s economic outlook. The country recorded a GDP growth of 3.84% in Q1 2024, boosted revenue by over 20%, and reduced the proportion of income spent on debt servicing — all pointing to a positive fiscal turnaround.
Idris also spotlighted key initiatives designed to attract private investment, such as the Renewed Hope Infrastructure Development Fund (RHIDF), the Nigerian Consumer Credit Corporation (CrediCorp), the Presidential CNG Initiative, and the MOFI Real Estate Investment Fund (MREIF). These, he said, are paving the way for investments in infrastructure, real estate, healthcare, and consumer credit.
Looking ahead, he urged French companies to explore new opportunities in sectors like agribusiness and livestock development, where Nigeria has established a dedicated ministry. The Minister also announced the expansion of Nigerian banks into Europe and said he would hold bilateral meetings with major French media and cultural institutions to deepen Nigeria-France cooperation in the broadcast and creative industries.
