The Franco-Nigerian Chamber of Commerce and Industry (CCI France-Nigeria) is pushing for increased foreign direct investment in Nigeria through agro industrial equipment fair.
Moses Umoru, acting director general CCI France-Nigeria told BusinessDay that the fair organized by Adepta, a French Agro industrial equipment association would be coming to Nigeria in March this year for an exhibition and business to business meetings with agro business players in Nigeria.
Through Adepta, a platform for French agro-industrial companies to spread their skills throughout the world, will see members comprising French companies specializing in agriculture and agri-food processing who combine their expertise to meet agro-industrial project needs.
Umoru is optimistic that foreign direct investment from France will increase this year amidst despite challenges such as foreign exchange uncertainty, security concerns fueled by Boko haram insurgency, pastoral conflict from Fulani herdsmen and militancy, French investors are enthusiastic about prospects in Nigeria.
“The investors are confident that these challenges are temporary,” said Umoru.
He further said that the 2017 budget as tagged “The budget of recovery and growth” made a huge provision for infrastructure and foreign investors are ever confident in the biggest economy in sub-Saharan Africa. This can be seen from the over subscription of the Euro bond recently sold.
Nigeria is deepening reforms to improve the ease of doing business through a 60-day National action plan to focus on reforms covering World Bank Ease of Doing Business indicators to boost foreign direct investment into the country most especially from France.
The acting director general is confident that trade between France and Nigeria will increase this in 2017 based on the Agreement signed by the Franco-Nigerian Chamber of Commerce and Industry and Business France in September 2016.
The Agreement is aimed at promoting French small and medium scale businesses coming to set up in Nigeria.
In 2016, crude oil sales to France hit N122.5bn while non-oil exports accounted N35.7bn of the N158.3bn exports to France. On the other hand, Nigeria imported goods worth N75bn from France.
ISAAC ANYAOGU
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