The Minister of Information and National Orientation, Mohammed Idris, has reiterated Nigeria’s readiness for increased foreign direct investment, urging French investors to explore emerging opportunities driven by the country’s wide-ranging economic reforms and investor-friendly environment.
Speaking at the Nigeria Business Forum in Paris on Thursday, Minister Idris emphasized that Nigeria, under the leadership of President Bola Ahmed Tinubu, is implementing bold structural reforms aimed at revitalizing the economy and positioning the nation as a gateway to Africa’s consumer market.
The forum, organized by Business France, attracted over 200 French companies, many of which already operate in Nigeria across key sectors such as energy, infrastructure, healthcare, and manufacturing. Idris acknowledged the longstanding contributions of companies such as TotalEnergies, Peugeot, Danone, Schneider Electric, Alstom, and Lafarge.
He noted that Nigeria is undergoing an “unprecedented journey of reform,” anchored on the Renewed Hope Agenda an eight-point strategic plan of the Tinubu administration targeted at unlocking economic potential.
“These historic reforms are building a more competitive, transparent, and investor-friendly economy,” the Minister said, adding that Nigeria is uniquely positioned to serve as Africa’s economic hub under the African Continental Free Trade Area (AfCFTA).
Some of the key reforms highlighted included:
Unification and stabilization of the foreign exchange regime;
Phasing out of fuel subsidies;
Cost-reflective electricity tariffs;
Tax and fiscal reforms to boost private-sector growth;
Streamlined trade processes through the National Single Window;
Digital transformation, including immigration and border policy reforms.
Idris underscored Nigeria’s strategic advantages, such as being Africa’s largest economy, with a population of over 220 million people 70% of whom are under the age of 35 and over two decades of uninterrupted democratic governance ensuring policy stability.
He assured the business community of a rule-of-law-driven economy supported by credible 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).
Citing recent economic performance, the Minister noted that in just 20 months, the Tinubu administration recorded a 3.84% GDP growth in Q1 2024, increased government revenue by over 20%, and significantly reduced the debt-servicing burden.
He also spotlighted initiatives such as the Renewed Hope Infrastructure Development Fund (RHIDF), the Nigerian Consumer Credit Corporation (CrediCorp), the Presidential CNG Initiative, and the MOFI Real Estate Investment Fund (MREIF), which are set to catalyze private-sector investments in infrastructure, consumer credit, healthcare, and real estate.
The Minister pointed to new Nigerian bank offices opening in Paris as a sign of expanding economic ties and projected increased collaboration between both countries in creative industries, media, and technology.
He invited French companies, particularly in agribusiness, to explore new opportunities in Nigeria’s livestock sector, citing the creation of a dedicated Ministry for Livestock Development and Danone’s leadership in the global dairy industry as an example of potential partnerships.
While in Paris, Minister Idris is also scheduled to hold bilateral meetings with major French media and cultural organizations, including France Médias Monde, ARCOM, the French Ministry of Culture, and Thomson Broadcast, aimed at enhancing Nigeria-France cooperation in the broadcast and information sectors.
