The Nigerian Minister of Information and National Orientation, Mohammed Idris, has made a compelling pitch to French investors.
He highlighted Nigeria’s ongoing economic reforms, vast market potential, and pro-business environment as part of the government’s push to attract foreign direct investment.
Idris addressed over 200 French companies at the Nigeria Business Forum in Paris yesterday, organised by Business France.
The event, which brought together key stakeholders from sectors such as energy, infrastructure, agriculture, and healthcare, underscored Nigeria’s commitment to strengthening its economic ties with France.
Idris praised longstanding French partners in Nigeria, including TotalEnergies, Lafarge, Peugeot, Danone, Alstom, and Schneider Electric, for their contributions to the country’s key sectors.
Under the leadership of President Bola Tinubu, Idris highlighted the nation’s reform-driven path, referring to it as an ‘unprecedented journey of reform’ under the Renewed Hope Agenda.
The eight-point strategic plan aims to unlock Nigeria’s vast economic potential and position it as a gateway to Africa’s growing consumer market, bolstered by the African Continental Free Trade Area (AfCFTA).
“These historic reforms are creating a more competitive, transparent, and investor-friendly economy,” Idris said. “Nigeria is set to become the gateway to Africa’s booming consumer market.”
Key reforms, according to the Minister, include the unification and stabilization of the foreign exchange regime, the phasing out of fuel subsidies to curb leakages, and the introduction of cost-reflective electricity tariffs.
Additionally, tax reforms, legislative measures, and digital reforms are all aimed at fostering a private-sector-led economy.
Idris also pointed to Nigeria’s unique investment appeal: Africa’s largest economy, a population of over 220 million people, with more than 70% of the population under 35 years old, and over 26 years of uninterrupted democratic governance, which has ensured political stability.
The minister reassured investors of Nigeria’s well-regulated, rule-of-law-based economy, supported by robust institutions such as the Central Bank of Nigeria (CBN), Nigerian Investment Promotion Commission (NIPC), and the Securities and Exchange Commission (SEC).
Recalling the significant achievements of the Tinubu administration, Idris noted that in just 20 months, Nigeria’s fiscal trajectory had reversed, with the country recording a 3.84% GDP growth in Q1 2024, a 20% increase in revenue, and a reduction in the proportion of revenue spent on debt servicing.
“The government is acting as a catalyst for private sector growth through initiatives such as the Renewed Hope Infrastructure Development Fund (RHIDF), the Nigerian Consumer Credit Corporation (CrediCorp), and the Presidential CNG Initiative,” he said.
“These initiatives are creating opportunities for trillions of naira in private sector investments.”
Idris also emphasised the growing presence of Nigerian banks in Europe, with new offices in Paris, and expressed optimism about increased Nigerian participation in France’s creative industries, media, and technology sectors.
He invited French companies, particularly in agribusiness, to explore new opportunities in Nigeria’s livestock sector, citing the newly established Ministry for Livestock Development as an avenue for partnership.
He highlighted Danone’s leadership in dairy products as an example of potential collaboration in this space.
Reaffirming Nigeria’s commitment to its reform agenda, Idris echoed President Tinubu’s statement during his 2024 visit to France: “We must brace up for the future with commitment, optimism, and the courage of our founding fathers.”
During his visit to Paris, Minister Idris is also scheduled to hold bilateral meetings with prominent French media and cultural institutions, including France Médias Monde, the French Regulatory Authority for Audiovisual and Digital Communication (ARCOM), and Thomson Broadcast, to enhance cooperation between Nigeria and France in the information and broadcast sectors.
