France invests N150 billion in Nigeria- Envoy

Emmanuel Macron

French President, Emmanuel Macron

Nigeria’s Ambassador to France, Dr. Modupe Irele, on Tuesday in Lagos, disclosed that France invested about N150 billion (€350 million) in Nigeria, in 2017.

She said the amount was disbursed as soft loans to the Federal and State Governments, as well as the private sector.

“It is estimated that in 2017 alone, France invested around €350 million (about N150 billion) in Nigeria, mostly through soft loans to both the Federal and State governments and the private sector.

“Available records also state that at the end of the first quarter of 2017, the trade volume between France and Nigeria stood at N668 .75 billion (€1.9 billion).

“And in 2016, the volume of trade transacted between Nigeria and France was ₦339.77 billion,’’ she said.

The Ambassador said that France and Nigeria’s economic relations had over the past 100 years been dominated by businesses in oil and gas, construction and other enterprises.

According to her, Nigeria remains France’s first trading partner in sub-Saharan Africa.

She said that more French companies and businesses were prepared to take advantage of the nation’s ongoing initiatives at enhancing the Ease of Doing in Nigeria, for foreign investors.

“The French, like many other business people, are showing interest in the drive to improve the ease of doing business in Nigeria and welcome the policies as positive developments.