Nigeria and France Sign €300 Million Agreement to Boost Agriculture and Food Security

Nigeria and France have solidified their bilateral relationship through two major agreements worth €300 million, focusing on agriculture, food security, and critical infrastructure. The agreements were signed during President Bola Tinubu’s state visit to Paris, where he met with French President Emmanuel Macron at an economic forum held at the Palais des Élysée.

A notable aspect of the visit was the expansion of Nigerian banking services into France. United Bank for Africa (UBA) Group Chairman, Tony Elumelu, and French Minister of Economy, Finance, and Industry, Antoine Armand, signed an agreement enabling UBA to commence operations in Paris. Similarly, Zenith Bank inaugurated its services in France.

The first agreement, valued at over €300 million, focuses on critical infrastructure projects, including healthcare, transportation, agriculture, renewable energy, and human capital development. This investment is intended to bolster economic growth and development across Nigeria’s six geopolitical zones.

Additionally, Nigeria’s Minister of Finance, Wale Edun, and French Minister Armand signed a Letter of Intent reaffirming commitments to investments in critical sectors. The financial and technical assistance package is worth over €300 million and will be distributed across all of Nigeria’s geopolitical zones.

The second agreement aims to support Nigeria’s Renewed Hope Agenda reforms, focusing on sustainable projects in urban infrastructure, transportation networks, housing, education in STEM, agriculture, food security, and healthcare. The French Development Agency (AFD) pledged to fund agro-logistic hubs to support energy access, sustainable agriculture, and MSMEs in high-impact sectors.

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 defense.

These agreements mark a significant milestone in the bilateral relations between Nigeria and France, underscoring a shared commitment to sustainable development and economic growth.