Nigeria and the French Government has launched the Nigeria-France Trade and Investment Council to double the trade flows between both countries from the current N1.049 trillion to about N2.098 trillion in four years. The signing of the Council Statement between President Goodluck Jonathan and the President of France, Francois Hollande was held during the Nigeria-France Business Forum on the sidelines of the centenary celebrations in Abuja.
While speaking at the occasion, President Goodluck Jonathan advised the French companies to invest in Nigeria to sustain the existing trade and investment relationship between both countries, noting that the people of France, under the leadership of President Hollande have exhibited appreciable commitment to Africa. “Nigeria has come of age economically and this is the time to invest. We have made significant progress in our political, social and economic development. I always say that Nigeria’s economic transformation will be the strongest legacy of our generation which is why we have invited all you investors here today,” he said.
“A strong Nigerian economy will create wealth, improve living standards and ensure a stable political and social environment. This is why my focus since this administration assumed office in 2011 has been to fundamentally restructure and diversify the Nigerian economy to ensure sustained growth and jobs creation for our teeming youth.”
He continued that apart from doubling trade, the Council also has the mandate to increase investment flows between both countries by 50 per cent in the next four years and will be co-chaired by the Vice-Chairman of the Nigeria-France Chamber of Commerce, Hassan Odukale, who is also the Chief Executive Officer of Leadway Assurance as well as the Chief Executive Officer and Chairman of PAI, Lionel Zinsou.
The French President, Francois Hollande in his speech noted that this century is Africa’s, saying over the last one hundred years, the French people and French businesses have been engrained in the Nigerian story. He pledged increased investment by French companies in Nigeria, indicating his country’s commitment to boosting the strategic partnership between both countries.
“We have set a goal on increasing our market share in Nigeria. Three of our companies contribute to about 15,000 jobs in Nigeria; but we have to invest more in the country. We must step up our efforts in the area of training by our companies for Nigerian employees and increase investment because Nigeria is a great country,” he said.
The Minister of Industry, Trade and Investment, Olusegun Aganga in his remarks explained that Nigeria’s consumer market which is worth over $100 billion is growing fast as the purchasing power of the citizens continued to rise. He said, “Trade between Nigeria and France has grown from N550 billion in 2008 to well over N1trillion in 2012, being one of the fastest growth rates so far experienced with trading partners.
He further averred that for decades now, France has believed in the potential of Nigeria; but has more importantly backed up its belief with real actions. He stated that when the French believe, they invest and that is why the Nigeria-France Business relationship is central to Nigeria’s economic agenda as well as the ongoing forum.
The Chief Executive Officer of Lafarge for Nigeria and the Republic of Benin, Guillaume Roux, who expressed the company’s commitment to building better cities in Nigeria, commended the Federal Government’s Backward Integration Policy in the cement sector. He disclosed that this has resulted in the investment of one billion euros by Lafarge which helped to grow the company’s capacity from three million metric tonnes to 8.5 million metric tonnes between 2008 and 2012.
The two Presidents also witnessed the signing of a Memorandum of Understanding on a $170 million power financing deal between the Ministry of Finance, the Agence Francaise Development (AFD) and a 13megawatt Solar Power Construction MoU between the Osun State Government and Vergnet Groupe.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate