Tinubu, Macron sign agreements on critical infrastructure

President Bola Tinubu and French President Emmanuel Macron have signed two agreements to foster a partnership for the development of critical infrastructure and the long-term sustenance of agriculture and food security.

The signing occurred on Thursday in Paris, following both presidents’ participation in witnessing the agreement between United Bank for Africa (UBA) Group Chairman Tony Elumelu and Mr. Antoine Armand, the French Minister of Economy, Finance, and Industry. The agreement enables UBA to commence operations in Paris.

A statement issued by Bayo Onanuga, Special Adviser to the President (Information & Strategy), noted that Zenith Bank also inaugurated its services in France during the visit.

The partnership agreements were signed at an economic forum attended by business leaders, industry captains, governors, and top government officials from both countries. The event took place at the Palais des Élysée in Paris during President Tinubu’s state visit.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Mr. Armand signed a Letter of Intent, outlining the scope of collaboration.

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

“The two countries committed to forging a strategic relationship in project implementation and enhancing mutual trade and cross-border services by removing fiscal barriers while protecting labour rights.”

Additionally, Mr. Edun and the Chief Executive Officer of the French Development Agency (AFD), Mr. Rémi Rioux, signed another Letter of Intent to support the Renewed Hope Agenda reforms, aimed at stimulating and strengthening the Nigerian economy.

The document stated:
“The declaration outlines the enduring relationship between the AFD and the Federal Republic of Nigeria (FRN) and reaffirms AFD’s commitment to supporting Nigeria’s socio-economic growth through financing sustainable projects in urban infrastructure development, transportation networks, housing infrastructure, and human capital development, particularly in STEM education, agriculture, food security, and healthcare.”

The AFD also reiterated its commitment to long-term support for the Renewed Hope Agenda with investments in energy access and transition, sustainable agriculture, and food security. This includes financing the development of agro-logistic hubs and providing capital for MSMEs in high-impact sectors.

Furthermore, the Federal Republic of Nigeria pledged its full support for projects financed by the AFD and committed to ensuring the efficient and expedited implementation of these initiatives.