Nigeria, France sign €300m agreement on agriculture, food security

Nigeria’s President Bola Tinubu and France’s President Emmanuel Macron signed two key agreements on Thursday in Paris, cementing a partnership to develop critical infrastructure and sustain long-term agriculture and food security.

The agreements were signed during an economic forum at the Palais des Élysée, attended by business leaders, industry captains, state governors, and top officials from both countries, as part of President Tinubu’s state visit.

During the event, United Bank for Africa Group Chairman, Tony Elumelu, and French Minister of Economy, Finance, and Industry, Antoine Armand, signed an agreement to enable UBA to begin operations in Paris. Similarly, Zenith Bank launched its services in France.

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed these developments in a statement titled ‘Nigeria, France Sign Letters of Intent on Critical Infrastructure as Zenith Bank Opens Paris Branch.’

Nigeria’s Minister of Finance, Mr Wale Edun, and Mr Armand signed a Letter of Intent reaffirming commitments to investments in critical sectors, including healthcare, transportation, agriculture, renewable energy, and human capital development. The financial and technical assistance package is worth over €300m and will be distributed across all of Nigeria’s geopolitical zones.

ADVERTISEMENT

The document also outlined both countries’ pledge to foster a strategic relationship in project implementation, remove fiscal barriers, and protect labour rights.

Additionally, Mr Edun and Mr Rémi Rioux, Chief Executive Officer of the French Development Agency (AFD), signed another Letter of Intent to support Nigeria’s Renewed Hope Agenda reforms aimed at stimulating economic growth.

The declaration underscored AFD’s ongoing support for Nigeria’s socio-economic development, focusing on sustainable projects in urban infrastructure, transportation networks, housing, education in STEM, agriculture, food security, and healthcare.

AFD also pledged to fund agro-logistic hubs to support energy access, sustainable agriculture, and MSMEs in high-impact sectors. Nigeria, in turn, committed to expediting the efficient implementation of these projects.

At a joint press conference with President Macron, President Tinubu reiterated Nigeria’s commitment to enhancing cooperation in food security, energy, solid minerals, education, and defence.

The events marked a significant milestone during President Tinubu’s three-day state visit to France.