Market News

…As French Week begins to mark impact in Nigeria

Nigeria has emerged as France’s leading trading partner in sub-Saharan Africa and the fourth largest in Africa behind Morocco, Algeria, and Tunisia, according to the Franco-Nigerian Chamber of Commerce and Industry.

Speaking ahead of the French Week 2024 slated to be held in Lagos, Moses Umoru, director general of the Franco-Nigerian Chamber of Commerce and Industry, said the country accounts for 20 percent of France’s trade in Africa.

He said France has continued to play a strategic role in Nigeria’s development.

According to him, over 100 French companies are in Nigeria today, contributing to over 10,000 direct jobs.

He said French companies like TotalEnergies have continued to expand their investments in the energy sector with its recent drive to invest $6 billion (around €5.5 billion) over several years in Nigeria’s energy industry, particularly in gas and offshore projects.

According to him, Fanmilk Nigeria, which was acquired by Danone, has been partnering with state governments to expand its investment in Nigeria with the recently commissioned production line in Ibadan.

“Schneider Electric is reinforcing its operations in Nigeria with the commissioning of its new office facility recently and empowering individuals, communities, and industries with sustainable energy solutions,” Umoru said.

He disclosed that Access Bank plans to foster France-Nigeria trade by establishing a commercial presence in Paris while SPIE Global Services Energy, commissioned a technical training centre in Port Harcourt to train Nigerians on the technical aspects of its operations and boost local content in the energy service sector.

He said that the French Development Agencies (AFD) and Proparco have been supporting Nigeria’s development by funding sustainable projects in Nigeria.

Umoru said that Business France supports the establishment of French companies in Nigeria by organising various missions cutting across multiple sectors, among others.

The 2024 French Week, he explained, is aimed at celebrating the impact of French presence in Nigeria, while highlighting the impact and collaborations made by French and Nigerian companies.

Organised by the Franco-Nigerian Chamber of Commerce and Industry, under the patronage of the French Embassy and French Consulate in Nigeria, this year’s event will focus on France’s investments and partnerships in Nigeria.

The 2024 event, billed for November 8th-15th, has been carefully put together to project the Franco-Nigerian business relations with a high-level business forum themed ‘Enhancing France-Nigeria Relations through Sustainable Investments and Partnerships.’

There will be a tech startup conference and pitch session organised in partnership with French Tech Lagos, and a cultural evening, among other events.