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

Two significant agreements have been signed between France and Nigeria to develop essential infrastructure.

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, which covers all of the country’s geopolitical zones, will be worth more than €300 million.

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.

According to Persecondnews, both nations are also committed to strengthening labor rights and forging a strategic partnership in project implementation and promoting cross-border trade and services by removing fiscal barriers.

The agreements that President Tinubu signed during his trip to France are significant steps in the development of Nigeria’s essential infrastructure.

The agreements show that both nations are committed to working 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.

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

The visit demonstrates how eager both nations are to strengthen their bilateral ties and cooperate to address common issues.

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.

Trade and investment between the two nations are anticipated to grow as a result of the expansion of Nigerian banking into the French market.

Source: Per Second News