French Minister in charge of Foreign Trade and Attractiveness, Mr. Franck Riester told the thirty- Six State Governors under the aegis of the Nigeria Governors Forum, NGF that Nigeria has lost a whopping $2.2 billion in bilateral trade with France following the outbreak of the Coronavirus COVID-19 pandemic. According to him, France is also one of the major partners of the COVAX initiative, noting that last February, French President, Emmanuel Macron warned that failure to share vaccines would entrench global inequality. He said that the President proposed sending part of the coronavirus vaccine supplies owned by European countries, the United States, China and Russia to developing countries.
Speaking yesterday in Abuja at a meeting with the Governors at the NGF Secretariat, French Minister in charge of Foreign Trade and Attractiveness, Mr. Franck Riester disclosed that the bilateral trade amounted to a total of $4.5 billion in 2019, but shrank to $2.3 billion in 2020, due to the Covid-19 pandemic. Riester said, “For instance in 2019, it was $4.5 billion but we are really optimistic that for the future when the crisis will be ending because we have many companies that are set up here but we want a win-win partnership between the two countries. There are 100 companies that are set up here representing 10,000 people working in these companies and so we want to really increase our investment in Nigeria.
“We have since many years invested, used some loans from our French development agency representing $2 billion of loans and we continue in different ways in sovereign loans and concessional loans. For instance, we have a project in the healthcare sector in Oyo State that will be financed to the amount of $50 million, it’s a good example of what we want to do. We want to help development in different states and in different sectors. France is a major financial partner for Nigeria, being the second bilateral creditor of Nigeria after China, thanks to the involvement of French Development Agency (AFD). AFD engaged more than €2 billion in the last 10 years in over 35 development projects. France will also dedicate financing and capacity building in the health sector in some Nigerian states.”
Riester explained that there are about 100 French companies presently in Nigeria investing in the health, energy, environment logistics and other secrors, and with over 10,000 employees, adding that a €3.5 billion “Choose Africa” conference on President Emmanuel Macron initiative will be opened in Lagos, to support start-ups and SMEs in Africa, which Nigerian entrepreneurs have already benefited from. The French Minister who reiterated the resolve of the French Government towards deepening the bilateral relations between the two countries, including public and private sector, is expected to meet owners of some Nigerian businesses who are already invested in France and others who have expressed interest in investing in France.
“These companies will be invited to a specific meeting in Paris in June where President Macron will welcome many companies all over the world, some of them will come from Nigeria, because we want to increase the investment from Nigeria to France as well as we have done many, many investment in France to improve our environment for pro-business agenda, a less taxes, more training for people working in these companies. So Nigerian investors are welcome in France,” he assured. On the insecurity challenges, the Minister assured that France is “ready to help in different ways”, adding that “President Macron is following carefully on this process.” Mr. Riester is also expected to declare open the ‘Choose Africa’ conference – a €3.5 billion President Emmanuel Macron’s initiative in Lagos, to support start-ups and SMEs in Africa, which Nigerian entrepreneurs have already benefited from.
Riester who is on a two-day visit in Nigeria, said the visit followed on the priorities set by French President Macron during his official visit to Nigeria in July 2018 and his willingness to change the narrative of the relations between Africa and France. The French Minister will have several official meetings in Abuja and Lagos, to stress the importance of the bilateral economic relation. He added that France is also one of the major partners of the COVAX initiative, noting that last February, President Macron warned that the failure to share vaccines would entrench global inequality.
According to the French Minister, President Macron proposed sending part of the coronavirus vaccine supplies owned by European countries, the United States, China and Russia to developing countries. Plateau State governor, Simon Lalong who stood in for Chairman of the Nigeria Governors’ Forum (NGF), Dr. Kayode Fayemi, said that the meeting was fruitful where the State Governors discussed investments and collaborations with the French delegation, adding that the minister would meet with business community and other stakeholders today.
