Tinubu’s visit to Paris: Nigeria, France sign €300m infrastructure development agreement

Nigeria and France have signed two major agreements aimed at developing critical infrastructure in Nigeria.

The agreements, valued at over €300m, were signed during President Bola Tinubu’s ongoing three-day state visit to France.

According to the President’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, the agreements will focus on critical infrastructure projects, including healthcare, transportation, agriculture, renewable energy, and human capital development.

The first agreement, signed by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and his French counterpart, Antoine Armand, aims to support the development of critical infrastructure in Nigeria.

The agreement is valued at over €300m and will be spread across all geopolitical zones in the country.

The second agreement, signed by Edun and the Chief Executive Officer of the French Development Agency (AFD), Remi Rioux, aims to support the Tinubu administration’s reforms under the “Renewed Hope Agenda.”

The agreement will focus on supporting sustainable projects in urban infrastructure development, transportation networks, housing infrastructure, human capital development, agriculture, food security, and healthcare.

Onanuga said the two countries affirmed their commitment to work together on investment and development of critical infrastructure, healthcare, transportation, the agricultural value chain, renewable energy, and human capital development.

Persecondnews reports that both countries also committed to forging a strategic relationship in project implementation and enhancing mutual trade and cross-border services by removing fiscal barriers while protecting labour rights.

The agreements signed during President Tinubu’s visit to France are a significant step towards developing critical infrastructure in Nigeria.

The agreements demonstrate the commitment of both countries to work together to address Nigeria’s infrastructure challenges.

In addition to the agreements, President Tinubu’s visit to France also saw the expansion of Nigerian banking into the French market. Zenith Bank inaugurated its operations in France, while the United Bank for Africa (UBA) Group Chairman, Tony Elumelu, and the French Minister of Economy, Finance, and Industry, Antoine Armand, signed an agreement for UBA to commence operations in the country.

Tinubu’s state visit to France was a significant success, with the signing of major agreements and the expansion of Nigerian banking into the French market.

The visit demonstrates the commitment of both countries to strengthen their bilateral relations and work together to address common challenges.

The agreements signed during the visit are expected to have a significant impact on Nigeria’s infrastructure development, particularly in the areas of healthcare, transportation, agriculture, renewable energy, and human capital development.

The expansion of Nigerian banking into the French market is also expected to increase trade and investment between the two countries.

Tinubu and the First Lady, Oluremi Tinubu, attended a state dinner organized by the French government at Palais des Elysée in Paris on Thursday night, marking the end of the President’s successful state visit to France.