President Bola Ahmed Tinubu has praised the outcome of the 10th France-Nigeria Business Council Meeting held during the Africa Forward Summit in Nairobi, Kenya, describing the development as evidence that Nigeria and France are shifting from diplomatic discussions to practical economic implementation. According to the Nigerian leader, the bilateral agreement between both nations has now moved into the execution stage, signaling stronger economic cooperation and strategic investment partnerships. French President Emmanuel Macron also announced €23 billion, approximately $27 billion, in investment commitments across Africa. The investment package covers major sectors including infrastructure, renewable energy, agriculture, Artificial Intelligence (AI), healthcare, transportation, and the creative industry. With trade relations between Nigeria and France reaching approximately $4.7 billion in 2025, Nigeria continues to remain the leading destination for French investment in sub-Saharan Africa. President Tinubu explained that the growing economic relationship must now produce measurable outcomes such as employment opportunities, industrial growth, improved infrastructure, and wider economic prosperity. The business council meeting attracted senior government officials and influential business leaders from both countries. Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, alongside French Minister Delegate Nicolas Forissier, participated in discussions centered on strengthening commercial cooperation and expanding ongoing projects between Nigerian and French companies. President Tinubu applauded the Chairman of the France-Nigeria Business Council, Aigboje Aig-Imoukhuede, for organizing a successful gathering that united key private-sector stakeholders from both countries. Several prominent business executives attended the summit, including Aliko Dangote, Abdul Samad Rabiu, Tony Elumelu, Wale Tinubu, Kola Karim, Kashim Bukar, Patrick Pouyanné of TotalEnergies, Rodolphe Saadé of CMA CGM, representatives from Danone, Accor, and other international investors. Their participation reflected increasing confidence in Nigeria’s economic reforms and long-term investment potential. Tinubu specifically welcomed the agreement between Accor and Shoreline Group aimed at establishing Nigeria’s first national hotel platform. He described the partnership as a significant endorsement of Nigeria’s hospitality, tourism, and service industries. According to the President, Nigeria is fully prepared for productive investments that encourage industrial expansion, economic growth, and job creation. He emphasized that the relationship between Nigeria and France is now entering a new era focused on concrete economic achievements rather than symbolic diplomatic gestures. At the Africa Forward Summit in Nairobi, co-hosted by President Emmanuel Macron and Kenyan President William Ruto, France unveiled several strategic investment agreements designed to deepen economic collaboration across Africa. The summit marked a historic moment as it was hosted in an English-speaking African country for the first time. The move highlights France’s effort to strengthen diplomatic and economic relationships beyond its traditional Francophone regions. One of the largest agreements announced at the summit involved global shipping and logistics company CMA CGM. The company signed a €700 million, approximately $821 million, deal with Kenya to increase operational capacity at the Port of Mombasa. The project is expected to modernize cargo management systems and improve inland transportation networks across East Africa. In another major development, Proparco, the private-sector division of the Agence Française de Développement (AFD), introduced several investment partnerships. These include a €300 million facility with Ecobank to support agricultural value chains, a €200 million cross-currency arrangement with the West African Development Bank (BOAD) to facilitate Euro and CFA franc trade transactions, a €300 million partnership with AXIAN Group for telecommunications and renewable energy projects, and a €20 million investment in South Africa’s Biovac healthcare company. President Macron explained that the new investment strategy represents a shift away from the traditional aid-based development model. Instead of one-sided financial assistance, French and African investors will jointly participate in business opportunities and economic expansion projects. Out of the €23 billion expected to be mobilized, €14 billion will reportedly come from France’s private sector, while African partners are projected to contribute €9 billion. France’s growing transition from aid-focused engagement to investment-driven partnerships comes amid changing political and economic realities across Africa. Increasing anti-French sentiment in some former colonies has encouraged French companies to explore opportunities in more commercially stable English-speaking African economies such as Nigeria and South Africa. Trade statistics now indicate that France conducts substantial business activities with Anglophone African nations, particularly Nigeria and South Africa, compared to several of its former colonies. President Macron reiterated France’s commitment to building what he described as a “partnership of equals” with African countries. He noted that Africa and Europe share common goals involving peace, economic prosperity, development, and sovereignty. For more updates on international business partnerships and Nigeria’s economy, visit the official websites of The Presidency of the Federal Republic of Nigeria and Agence Française de Développement (AFD).
