During a landmark state visit to France, President Bola Tinubu underlined Nigeria’s readiness for business and invited French investors to explore the vast economic opportunities available in the country. This visit marks the first official trip by a Nigerian leader to France in over two decades, highlighting a renewed commitment to strengthening ties between the two nations.
Strengthening Economic Ties
On November 28, 2024, President Tinubu met with French President Emmanuel Macron at the Élysée Palace, where he articulated Nigeria’s potential as a significant player in Africa’s economy. “Nigeria is open for business,” Tinubu declared, underscoring his administration’s efforts to create an enabling environment for investment. He reassured investors of a “free market economy” with minimal barriers to entry, stating, “It shall be easy in and easy out.”
The Nigerian president highlighted the country’s youthful and educated population as a key asset for potential investors. “We have a vibrant youth population that is well educated, skilled, and ready to be trained for the development of our economy,” he said. Tinubu called on French experts and investors to engage more actively in Nigeria, particularly in sectors such as food security, energy, and technology.
Focus on Economic Diversification
Tinubu also addressed the need for Nigeria to diversify its economy away from fossil fuels. He expressed confidence in France’s ability to support this transition, particularly in developing renewable energy sources. The president pointed out that Lagos State is already making strides in harnessing marine resources and promoting a blue economy.
During the joint press briefing, Macron reiterated France’s commitment to investing in Nigeria, especially as the country seeks to strengthen its economic ties with English-speaking Africa. The French president noted that Nigeria had become France’s leading trading partner in sub-Saharan Africa.
Addressing Security Concerns
Recognising the challenges posed by insecurity and corruption—issues that have left over half of Nigeria’s population living below the poverty line—Tinubu assured investors that his government is actively working to stabilise the security situation. He acknowledged that while progress has been made, further efforts are needed to ensure a safe environment for business operations. The discussions also touched on defence collaboration between Nigeria and France. Tinubu expressed gratitude for Macron’s support in enhancing Nigeria’s defence capabilities, which he believes are crucial for maintaining stability and fostering economic growth.
By Joseph Johnston,
Youth Editor,
Egogonews Hub
