Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has made a pitch to French investors in Paris, emphasizing the country’s ongoing economic reforms and its potential as a dynamic and investor-friendly market.
Speaking at the Nigeria Business Forum on Thursday, Mr. Idris outlined President Bola Tinubu’s “Renewed Hope Agenda,” an eight-point strategic plan designed to unlock Nigeria’s economic potential. The event, organised by Business France, previously attracted over 200 French companies in 2023.
Minister Idris expressed his appreciation to established French businesses operating in Nigeria, including major players like TotalEnergies in energy, Lafarge in construction materials, Peugeot in automotive, Danone in food, Alstom in transport, and Schneider Electric in energy management. He acknowledged their significant contributions across various key sectors.
Under President Tinubu’s leadership, Nigeria is undergoing an “unprecedented journey of reform,” Mr. Idris told the forum. He argued that these reforms are creating a more competitive and transparent economy, positioning Nigeria as a key entry point to Africa’s expanding consumer market under the African Continental Free Trade Area (AfCFTA).
Key reforms highlighted by the minister included the unification and stabilisation of Nigeria’s foreign exchange system, the phasing out of fuel subsidies, the implementation of cost-reflective electricity tariffs, and tax reforms aimed at improving transparency and the ease of doing business. He also pointed to legislative and fiscal measures supporting private sector growth, trade facilitation through a national single window, and digital and immigration reforms designed to streamline movement and trade.
Mr. Idris underscored Nigeria’s investment appeal, citing its status as Africa’s largest economy with a population exceeding 220 million, where over 70% are under the age of 35. He also highlighted Nigeria’s more than 26 years of uninterrupted democratic governance, fostering political stability and institutional continuity.
He assured potential investors of a well-regulated economy based on the rule of law, supported by institutions such as the Central Bank of Nigeria (CBN), the Nigerian Investment Promotion Commission (NIPC), and the Securities and Exchange Commission (SEC).
The Minister noted that in the past 20 months, the Tinubu administration had seen positive shifts in Nigeria’s fiscal trajectory, including GDP growth of 3.84% in the first quarter of 2024, a significant increase in revenue, and a reduction in the proportion of revenue spent on debt servicing.
He stated that the government is acting as a “catalyst for private sector growth” through strategic initiatives in infrastructure, consumer credit, healthcare, and real estate, aiming to leverage substantial private sector investment.
Looking to the future, Mr. Idris also highlighted the expansion of Nigerian banks into Europe, including new offices in Paris, and anticipated a growing Nigerian presence in France’s creative industries, media, and technology sectors.
He specifically invited French companies in agribusiness to explore opportunities in Nigeria’s livestock sector, noting the potential for partnerships, particularly citing Danone’s global leadership in dairy products.
Reiterating Nigeria’s commitment to its reform agenda, Mr. Idris echoed President Tinubu’s message from his 2024 visit to France, emphasizing the need for commitment, optimism, and courage.
During his visit to Paris, Minister Idris is also scheduled to hold bilateral meetings with leading French media and cultural institutions to strengthen cooperation in the information and broadcast sectors.
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