Business Council: Nigerian, France sign letters of intent

President Bola Tinubu and French President Emmanuel Macron signed Letters of Intent on critical infrastructure, on Thursday in Paris, France.

This was disclosed by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, today, following a State House press release.

Onanuga stated that the two agreements will guarantee a collaboration on the construction of vital infrastructure.

He also stated that the signed letters of intent will ensure a long-term sustainability of agricultural and food security.

Earlier, French Minister of Economy, Finance, and Industry Mr. Antoine Armand and Tony Elumelu, Group Chairman of the United Bank for Africa (UBA), signed an agreement for the bank to start operations in Paris.

President Tinubu and President Macron also witnessed this.

During the visit, Zenith Bank launched its services in the country.

The collaboration agreements were signed at an economic forum at the Palais des Elysée in Paris, France during President Tinubu’s state visit.

It was attended by businesses, captains of industry, governors, and some high-ranking government officials from both nations.

The Letter of Intent was signed by Mr. Armand and Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy.

According to the document: “The two countries affirmed their commitment to work together on investment and development of critical infrastructure, healthcare transportation, agricultural value chain, renewable energy, and human capital development, through diverse financial and technical assistance programmes, of over Euros 300m spread across all geopolitical zones in the country.

“The two countries committed to forge a strategic relationship in project implementation and enhance mutual trade and cross border services by removing fiscal barriers while protecting labour rights”, the document added.

According to the Special Adviser, another Letter of Intent was signed by the Minister of Finance, Edun, and Chief Executive Officer of the French Development Agency (AFD), Mr. Remi Rioux.

This, he asserts is to enhance the Renewed Hope Agenda reforms that aim at stimulating and strengthening the economy.

The press release reads in part: “The Declaration”, the document states, “ set out the enduring relationship between the AFD and the FRN, and the AFD’s continuing commitment to support the socio-economic growth of Nigeria through financing sustainable projects in urban infrastructure development, transportation network, housing infrastructure, human capital development through improved education specifically in STEM, agriculture, food security and healthcare.

“The AFD reaffirmed its commitment to long-term support of the Renewed Hope Agenda of Mr President on energy access and transition, sustainable agriculture and food security by financing the improvement of agro-logistic hubs.

“Importantly, the AFD committed to supporting the real sector by providing capital from MSME in high-impact sectors.

“The Federal Republic of Nigeria also affirmed its support for the projects financed by the AFD and committed to ensure that the implementation of the projects are expedited efficiently”, it added.

International Relations Specialists view

According to another source, the letters of intent cover several key areas, including energy and power, transportation, agriculture, security, and education and culture.

The source disclosed that in the energy sector, Nigeria and France agreed to cooperate on the development of Nigeria’s energy sector.

This includes the construction of new power plants and the rehabilitation of existing ones.

International Relations Specialists asserts that the cooperation is expected to help address Nigeria’s energy challenges and promote economic growth.

In the transportation sector, the two countries reportedly agreed to cooperate on the development of Nigeria’s transportation infrastructure, including the construction of new roads, railways, and airports.

This cooperation is expected to improve Nigeria’s transportation network and facilitate trade and commerce, scholars say.

Additionally, Nigeria and France agreed to cooperate on the development of Nigeria’s agricultural sector, including the provision of technical assistance and the promotion of trade in agricultural products.

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