France has expressed renewed confidence in Nigeria’s ongoing economic reforms, pledging to increase investments across key sectors including energy, manufacturing, and technology.
Speaking in Lagos ahead of the 40th anniversary of the Franco-Nigerian Chamber of Commerce and Industry, the Consul-General of France in Lagos, Laurent Favier, said the reform measures introduced by the administration of President Bola Tinubu have continued to boost investor interest despite current economic pressures.
“We must commend the Nigerian government for its bold reforms, which are opening up the business environment and reinforcing bilateral relations,” Favier said.
“France is betting on Nigeria’s potential not just as an economic powerhouse, but as an innovation hub for Africa’s future.”
Since 2023, the Federal Government has implemented several policy changes, including the removal of fuel subsidies and the unification of multiple foreign exchange windows.
Global financial institutions such as the World Bank and IMF have described these reforms as necessary steps to strengthen fiscal stability and restore investor confidence, even as citizens face rising living costs.
Favier noted that Nigeria remains France’s largest trading partner in sub-Saharan Africa and the fourth largest across the continent, accounting for about 20 percent of France’s trade within the region.
He highlighted ongoing French investments in Nigeria, including TotalEnergies’ planned $6bn expansion in the energy sector, Danone-owned FanMilk Nigeria’s upgrade of its Ibadan production line, and Schneider Electric’s new office facility aimed at promoting sustainable industrial energy solutions.
Also speaking, the President of the FNCCI, Guillaume Niarfeix, said the chamber has remained central to advancing trade cooperation between both countries with support from Business France, the French embassy, the consulate, and other institutions.
“Nigeria’s openness to the French business community reflects mutual respect and a shared vision,” Niarfeix said.
“This 40th anniversary celebration is not only about recognising our past achievements but also reaffirming our joint commitment to the future.”
