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Nigeria holds 20% of France’s regional trade

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By Samuel Abimbola

Despite its notable share of regional trade, Nigeria ranks behind three nations.

Moses Umoru, the Director General of the Franco-Nigerian Chamber of Commerce and Industry (FNCCI), has said that France is vital to Nigeria’s economic development. With a notable presence in the country, France has over 100 companies contributing to more than 10,000 direct employments. This solid business relationship positions the region as France’s top trading partner in sub-Saharan Africa and ranks fourth behind Morocco, Algeria, and Tunisia. Notably, Nigeria represents about 20 percent of France’s overall Trade within the sub-Saharan region, underscoring the importance of their economic relationship.

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Umoru emphasised the significant contributions and active involvement of major French corporations within the country. For instance, TotalEnergies, a major entity in the energy sector, illustrates this dedication with its bold initiative to allocate $6 billion in the coming years. This Investment commitment aims to enhance the nation’s energy system, concentrating on gas initiatives and offshore projects that are vital for the country’s energy independence. Fan Milk Nigeria, now owned by Danone, continues to expand its engagement through partnerships with state governments and the enhancement of local production capabilities, as demonstrated by its newly launched production line in Ibadan.

Foreign firms are strengthening ties with state and federal governments.

This expansion underscores Danone’s confidence in the region’s market potential and the company’s commitment to promoting economic development. Schneider Electric has further solidified its presence in the country, demonstrating its dedication to Sustainable Energy solutions. The firm has opened a new office facility to equip individuals, communities, and businesses with energy-saving technologies. These efforts resonate with goals for a more robust energy Infrastructure and illustrate the beneficial effects of foreign investment. The financial industry highlights considerable collaboration between the two nations.

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Access Bank Plc has opened an office in Paris, reinforcing the relationship between the two countries and promoting trade and investment opportunities. Moreover, SPIE Global Services Energy is enhancing local capabilities by launching a technical training facility in Port Harcourt. This facility focuses on educating individuals about the technical aspects of energy operations, which enhances local resources and promotes skill advancement in the industry. French development organisations, such as the Agence Française de Développement (AFD) and Proparco, are essential nationwide financing of Eco-friendly projects. Their funding focuses on vital sectors like energy, infrastructure, and community programs, promoting enduring advancement and reducing poverty.

2024 French Week is scheduled for November 8 to 15 in Lagos.

As part of efforts to showcase and celebrate the impact of these partnerships, the 2024 French Week will take place from November 8 to 15 in Lagos. Organised by the FNCCI, under the patronage of the French Embassy and the French Consulate in Nigeria, the event aims to emphasise the extensive and fruitful collaborations between French and local enterprises. This event acts as a festivity, offering a chance to strengthen professional relationships and discover new investment opportunities. An important feature of the 2024 French Week will be a prominent business forum centred on “Enhancing France-Nigeria Relations Through Sustainable Investments and Partnerships”.

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Furthermore, this event is anticipated to attract leaders and key industry players to discuss ways to enhance economic connections through sustainable, mutually advantageous investments. Moreover, it will host a technology-focused start-up summit in partnership with French Tech Lagos, underscoring the crucial role of tech in the changing economic environment. This event will allow start-ups to present their ideas, helping innovators enhance their exposure and draw interest from potential investors. The event is set to combine elements of business and culture, thereby strengthening the ties between the two nations.

Related Article: FG, Indonesia strengthen trade partnerships

Lastly, the event will feature notable sponsorship and involvement from key players, including Access Bank Plc, SPIE Global Services Energy, Schneider Electric, Stren & Blan Partners, Zenith Bank Plc, Duale, Ovia & Alex-Adedipe, and TotalEnergies. These sponsors signify the range and depth of partnerships that thrive between the countries, demonstrating the shared vision of sustainable growth and cooperation. The dedication shown by French businesses, along with the strategic participation of France’s development agencies and financial institutions, shows the potential and resilience of the nation’s economy. As these partnerships expand, they set the way for a future characterised by advancement, creativity, and enhanced bilateral relations.

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