Nigeria and France Sign Agreements on Critical Infrastructure, Agriculture, and Food Security as UBA, Zenith Bank Launches Paris Branch

Nigeria and France Sign Agreements on Critical Infrastructure, Agriculture, and Food Security as UBA, Zenith Bank Launches Paris Branch

On Thursday, President Bola Tinubu and French President Emmanuel Macron signed two significant agreements in Paris, aimed at fostering collaboration between Nigeria and France on critical infrastructure development and the long-term sustainability of agriculture and food security.

The agreements were signed during an economic forum at the Palais des Elysée, which was attended by business leaders, industrialists, governors, and senior government officials from both nations. Notably, United Bank for Africa (UBA) Group Chairman Tony Elumelu and French Minister of Economy, Finance, and Industry, Mr. Antoine Armand, were present to formalize the agreement for UBA’s expansion into Paris. Additionally, Zenith Bank officially launched its operations in France during this visit.

The partnership agreements were signed by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Mr. Armand. The documents outline the commitment of both countries to collaborate on investments in sectors including infrastructure, healthcare, transportation, renewable energy, and agriculture, with a financial commitment of over €300 million across Nigeria's geopolitical zones.

The agreement also emphasizes the countries' goal to remove fiscal barriers to trade, enhance mutual trade, and promote cross-border services while safeguarding labor rights.

Additionally, Mr. Edun and Mr. Remi Rioux, CEO of the French Development Agency (AFD), signed a Letter of Intent to support Nigeria’s Renewed Hope Agenda. This initiative aims to strengthen Nigeria’s economy through sustainable projects in urban infrastructure, housing, transportation, education (with a focus on STEM), agriculture, food security, and healthcare.

The AFD reaffirmed its ongoing support for Nigeria’s energy access and transition efforts, as well as its commitment to financing agro-logistic hubs and supporting the real sector, particularly MSMEs in high-impact sectors.

Both countries also agreed to expedite the implementation of these projects to ensure their effective execution and long-term success.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
November 29, 2024