1 week Ago By Faruk Shuaibu
By Faruk Shuaibu The Minister of Information and National Orientation, Mohammed Idris, has made a strong case to French investors to invest in Nigeria due to its ambitious economic reforms, dynamic market potential and investor-friendly environment. The minister in a statement emphasised Nigeria’s commitment to fostering deeper economic ties with France while speaking at the Nigeria Business Forum in Paris yesterday. The event was organised by Business France and attended by over 200 French companies in 2023.
He expressed appreciation to longstanding French partners operating in Nigeria, including TotalEnergies, Lafarge, Peugeot, Danone, Alstom, Schneider Electric, among others, for their contributions across key sectors such as energy, infrastructure, agriculture, healthcare and manufacturing. Under President Bola Ahmed Tinubu’s leadership, Idris said Nigeria is undergoing an “Unprecedented journey of reform,” driven by the Renewed Hope Agenda — an eight-point strategic plan aimed at unlocking the nation’s vast economic potential. “These historic reforms are building a more competitive, transparent, and investor-friendly economy, positioning Nigeria as the gateway to Africa’s booming consumer market under the African Continental Free Trade Area (AfCFTA),” he said.
He underscored Nigeria’s unique investment appeal as Africa’s largest economy with a population exceeding 220 million and a stable democratic governance with 26 years of uninterrupted democratic governance, fostering political stability and institutional continuity. He assured investors of a well-regulated, rule-of-law-based economy, supported by strong institutions such as the Central Bank of Nigeria (CBN), the Nigerian Investment Promotion Commission (NIPC), the Securities and Exchange Commission (SEC), and the Federal Competition and Consumer Protection Commission (FCCPC). The minister recalled that in just 20 months, the Tinubu administration has reversed Nigeria’s fiscal trajectory, recording 3.
84% GDP growth in Q1 2024, boosting revenue by over 20%, and significantly lowering the proportion of revenues spent on debt servicing. “The government is acting as a catalyst for private sector growth through strategic initiatives like the Renewed Hope Infrastructure Development Fund (RHIDF), the Nigerian Consumer Credit Corporation (CrediCorp), the Presidential CNG Initiative, the MOFI Real Estate Investment Fund (MREIF), and several others,” Idris noted. “These initiatives are laying the foundation for leveraging trillions of naira in private sector investments across infrastructure, consumer credit, healthcare, real estate and beyond.
” The minister also highlighted the expansion of Nigerian banks into Europe, including new offices in Paris, and projected increased Nigerian presence in France across creative industries, media and technology. He invited French companies, particularly in agribusiness, to explore new opportunities in Nigeria’s livestock sector, where the newly established Ministry for Livestock Development presents fresh avenues for partnership. Citing Danone’s global leadership in dairy products, Idris noted the potential for deeper engagement in this space.
Reaffirming Nigeria’s unwavering reform agenda, Idris echoed President Tinubu’s message during his 2024 visit to France, adding, “We must brace up for the future with commitment and optimism, and with the courage of our founding fathers.” Unlock AI's potential! Get top prompts for content, blogs, social media, research, draft proposals and more. Boost creativity start using AI tools today! Click here to learn how it works.
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