Tinubu, Macron Seal €300 Million Deal To Boost Bilateral Investments

Tinubu, Macron Seal €300 Million Deal To Boost Bilateral Investments....KINDLY READ THE FULL STORY HERE▶

President Bola Tinubu has secured two significant trade agreements with French President Emmanuel Macron, worth €300 million, aimed at supporting Nigeria’s critical infrastructure development, food security, and other key sectors. The deals were finalized at an economic forum held at the Palais des Elysée in Paris, attended by top business leaders, governors, and government officials from both nations during President Tinubu’s state visit.

In a statement released on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, it was revealed that Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, signed the Letter of Intent. The agreements reaffirm the commitment of both countries to collaborate on critical infrastructure projects, healthcare, transportation, agricultural value chains, renewable energy, and human capital development. Over €300 million will be invested in these areas across Nigeria’s geopolitical zones, with the funds directed towards various financial and technical assistance programs.

The two nations also agreed to foster a strategic partnership in project implementation, enhancing mutual trade and cross-border services. Key elements of the agreement include the removal of fiscal barriers while safeguarding labor rights.

Additionally, Minister Edun and the Chief Executive Officer of the French Development Agency (AFD), Remi Rioux, signed a second Letter of Intent to support Nigeria’s Renewed Hope Agenda, aimed at stimulating and strengthening the Nigerian economy. The deal focuses on financing sustainable projects in urban infrastructure, transportation networks, housing, education (particularly in STEM), agriculture, food security, and healthcare.

The AFD also committed to long-term support for Nigeria’s energy access and transition goals, as well as for sustainable agriculture and food security initiatives. The French agency will also provide capital for MSMEs in high-impact sectors, further supporting Nigeria’s real sector.

The statement emphasized that the Nigerian government had pledged to expedite the efficient implementation of these projects, ensuring their success and long-term impact.

In a separate development during the visit, the United Bank for Africa (UBA) Group Chairman, Tony Elumelu, and French Minister of Economy, Finance, and Industry, Antoine Armand, signed an agreement for the bank to begin operations in Paris. Zenith Bank also launched its services in France as part of the growing economic ties between the two countries.

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