Nigeria's Minister of Information and National Orientation, Mohammed Idris, has restated the country's commitment to deepening economic relations with France as part of broader efforts to drive investment and economic reforms under the Tinubu administration.
Speaking at the Nigeria Business Forum in Paris, Idris highlighted Nigeria's ongoing transformation, driven by the Renewed Hope Agenda—a strategic eight-point plan aimed at unlocking economic potential and attracting long-term foreign direct investment.
He described the reforms as unprecedented, positioning Nigeria as a gateway to Africa's expanding consumer market through the African Continental Free Trade Area (AfCFTA).
These include efforts to make the economy more transparent, competitive, and investor-friendly.Idris pointed to key economic milestones, including a 3.84% GDP growth in Q1 2024 and over 20% increase in government revenue, along with a reduction in debt servicing burdens.
He also emphasized the enabling role of strong institutions such as the Central Bank of Nigeria (CBN), Nigerian Investment Promotion Commission (NIPC), Securities and Exchange Commission (SEC), and the Federal Competition and Consumer Protection Commission (FCCPC).
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The Minister showcased government-backed initiatives like the Renewed Hope Infrastructure Development Fund (RHIDF), the Nigerian Consumer Credit Corporation (CrediCorp), and the MOFI Real Estate Investment Fund (MREIF) as examples of how Nigeria is creating opportunities for private sector-led growth across key sectors including infrastructure, healthcare, and real estate.
He also spotlighted Nigeria's demographic advantage—over 220 million people, with more than 70% under 35—as a compelling factor for investment.
He encouraged French investors to explore opportunities in agribusiness, especially in livestock, where the new Ministry for Livestock Development is expected to drive sectoral growth.
He cited global dairy giant Danone as a potential partner for collaboration.Additionally, Idris revealed plans for Nigerian banks to open offices in Paris and predicted greater Nigerian presence in Europe's creative, tech, and media industries.
While in France, the Minister is expected to hold bilateral meetings with top French media and cultural institutions to foster deeper cooperation in the information and broadcast sectors.
Key reforms underlined during his address included foreign exchange unification, fuel subsidy removal, tax reforms, trade facilitation through the National Single Window, and digital and immigration policy upgrades—all aimed at creating a business-friendly environment for local and international investors.---Would you like a shorter version for social media as well?
