A first in 24 years. The President of Nigeria, Bola Tinubu, began a state visit to Paris this Thursday, focused on the development of economic relations. A rapprochement which takes place in a context where France is strengthening its partnerships in English-speaking Africa, after a series of setbacks in the French-speaking Sahel.
« We have an open door policy and we want your investors to benefit from it », Recently explained the Nigerian head of state.
The most populous country in Africa (227 million inhabitants, and 410 million expected in 2050, according to the UN), Nigeria was France's leading trading partner in sub-Saharan Africa last year, according to French customs. Nigeria is Africa's fourth largest economy by GDP, according to the IMF, after being the first from 2014 to 2022.
Juicy contracts expected
The two heads of state co-chaired a “ Franco-Nigerian business council », bringing together bosses from the two countries. Of ” big contracts » are hoped for following this meeting, according to a diplomatic source in Paris. On Friday, Bola Tinubu will also chair a business forum with Medef, which brings together French employers.
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Ce « Business advice » was launched during a visit by Emmanuel Macron to Nigeria in 2018, the year following his election, to mark his intention to forge more links with the emerging economic giants of English-speaking Africa. Faced with competition from China, India and Turkey, France is seeing its weight in trade with sub-Saharan Africa diminish, even if it remains significant.
Banking, tech, climate…
Currently, around a hundred French companies are present in Nigeria. No less than 65% of French foreign direct investments (FDI) in West Africa are made there. If Nigeria is the continent's leading oil producing country, and the French group TotalEnergies is already well established there, this state visit aims to develop cooperation in other sectors such as agri-food, new technologies, energy transition and the bank.
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Moreover, four Nigerian banks are already present in Paris and “ there will be an announcement during the visit about the presence of a (new) Nigerian bank here », Warned the Elysée.
« There will also be announcements from the two Ministers of Finance, notably via Treasury loans, which will be granted for concrete projects in Nigeria », Adds the same source.
« Equal partnership »
During the state visit, special attention will also be paid to Nigerian and French youth, through the development of academic, professional and cultural exchanges », According to Paris. In Nigeria, the median age is 18 and more than half of the population lives below the poverty line.
The French government wants to strengthen its economic ties with sub-Saharan African countries
Relations with Nigerians embody the change in method that we want to bring about », car « they are courted by everyone and want a partnership of equals, not a 'lesson-giving' approach », particularly on human rights, recently estimated a French diplomatic source.
However, the African giant is criticized by several NGOs for the human rights abuses committed by its security forces against its population. Particularly as part of the fight against the jihadist groups Boko Haram and Islamic State in West Africa (Iswap), in the north of its territory.
This visit by the Nigerian president comes a month after that of Emmanuel Macron in Morocco. It made it possible to concretize the signature of no less than 22 contracts and investment agreements, for a value equivalent to 10 billion euros. Rail transport, green hydrogen, renewable energies, the sectors which have benefited are numerous. French companies too, like Alstom, TotalEnergies, Safran and EDF.
(With AFP)
