Ten major economic objectives Tinubu wants France to address during his visit to Paris
Nigeria’s commitment to strengthening bilateral ties and luring investment in vital economic areas was underlined during President Bola Tinubu’s visit to France.
With overall trade volumes of N4.4 trillion, France is Nigeria’s sixth-largest trading partner, according to 2024 half-year foreign trade data, which coincides with this high-profile visit.
Emmanuel Macron and President Tinubu discussed ways to improve their diplomatic and commercial relations at a high-profile meeting in the historic Palais des L’Elysée.
In order to unleash Nigeria’s unrealized potential and promote shared prosperity, Tinubu presented an ambitious agenda that concentrated on important areas of cooperation.
In order to promote mutual prosperity and unleash Nigeria’s enormous economic potential, President Tinubu planned to fortify ten important sectors of economic cooperation during his trip to France, according to Nairametrics study.
Interestingly, exports Nigeria’s greatest export destination, second only to Africa as a whole, was France, with a value of N3.4 trillion.Food Security and Agricultural Development
President Tinubu emphasized food security as a primary concern and appealed for French investment to increase Nigeria’s agricultural production. He observed:”We need to do more on food security, but the French-Nigeria Business Forum is already making great progress. We are compelled to invest in other nations. For the private sector to come and invest in the nation, we must create a program for food security.
Tinubu emphasized that foreign investments in agriculture are facilitated by Nigeria’s thriving finance sector. He promised:
“The financial sector in Nigeria is developing and thriving. Additionally, we are laying the foundation for French nationals to invest in Nigeria’s economy, particularly in the area of food security.
In the third quarter of 2024, Nigeria’s financial services sector saw a GDP growth rate of 30.83%, increasing the country’s overall GDP growth rate to 3.46%.
2. Exploration of Solid Minerals
The president extended an invitation to French investors to investigate prospects in Nigeria’s undeveloped solid minerals industry. For easier investment, he underlined de-risking the industry:
“We ought to reduce the risk associated with the solid minerals’ prospects. We have decided on a deeper and deeper relationship, and we have the capacity. During the visit, a deal was struck, indicating French commitment to the industry has grown.
Training and Development for Youth
Tinubu emphasized the significance of using French-sponsored training programs to provide skills to Nigeria’s young. He said:
“Nigeria is open for business, I promise you. Our young people are active, well-educated, and prepared for training in a range of business and development-related fields.
Tinubu asked for particular initiatives to help young Nigerians develop their entrepreneurial skills.
Transition of Energy
While making the most of its current resources, the President called on French businesses to work with Nigeria in its pursuit of cleaner energy alternatives.
Tinubu’s more general comments regarding foreign investments in vital areas were in line with Nigeria’s energy priorities, even though they were not specifically mentioned in this sector.
Nigeria’s energy transformation strategy, as part of President Bola Tinubu’s Renewed Hope Agenda, seeks to attain net-zero emissions by 2060 while maintaining access to energy and economic growth.
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