By Omolabake Fasogbon
Despite economic headwinds, Nigeria has retained its position as the leading destination for French investment in West Africa, accounting for about 60 per cent of France’s investments in the sub-region.
The European nation has equally absorbed over 16,000 Nigerian workers across more than 100 companies in the country, with plans to create more jobs as its investment portfolio expands.
Consul General of France in Lagos, Laurent Favier said the development underscores France’s long-term confidence in Nigeria’s economy, revealing ’Energy’ as the core of its investments in Africa’s largest economy.
Favier, who spoke at the French National Day celebration further reaffirmed his country’s confidence in the Nigerian economy, noting that the continuous business alliance between both nations has positively impacted the populace.
He reflected on France’s long-standing relationship with Nigeria spanning 17 years, citing impacts across sectors and different parts of the country.
He explained that the National Day remains significant as it celebrates the strength of the partnership between the two countries, as well as achievements of Team France in collaboration with the Nigerian government.
Team France comprises key institutions instrumental to implementing France’s development programmes in Nigeria and deepening ties between both economies. They include Business France, the Economic Department, AFD Group with Proparco and Expertise France, French Foreign Trade Advisors, the Franco-Nigerian Chamber of Commerce, and the France–Nigeria Business Council, among others.
Favier said Team France has birthed numerous partnerships and Memoranda of Understanding that support job creation, entrepreneurship and sustainable economic growth.
According to him, key collaborations between the two countries extend to vocational training, digital and technological innovation, creative industries, e-sports, higher education and student mobility.
He said, “The French Development Agency (AFD) has also invested over €3.3 billion in 57 projects across 23 Nigerian states over the past 17 years, including more than €1.1 billion through its private-sector arm, Proparco. The interventions, which now extend to all 36 states and the Federal Capital Territory, have seen over one million Nigerians benefit from improved access to safe drinking water, alongside investments in electricity, rural infrastructure and agricultural markets.”
Highlighting the Omi Eko initiative as one of France’s flagship projects in Lagos, the envoy said it would deliver Africa’s first electric inland waterway transport system to enhance residents’ mobility.
