• Friday, February 23, 2024
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BusinessDay

France to boost agribusiness ties in Nigeria

IITA trains 1,918 youths in agribusiness

Nigeria is making frantic efforts to ensure that agriculture and allied services play a key role in its quest for economic and revenue diversification.

To support the current diversification drive and mitigate the impact of oil price, the French government is increasing its agribusiness ties with Nigeria.

Recently, the French government established the Franco-Nigerian Business club to boost business relations between both countries.

President Macron’s visit to Nigeria recently, was indeed another step towards greater collaboration and support between both countries.

Agreements worth about $475 million were signed and witnessed by both presidents which include Urban Mobility Improvement Programme, sustainable water supply and reforestation among others.

Read also: Tunde Coker: Building agribusiness for health-conscious Nigerians

The long-term benefit expected is a dramatic shift from bilateral trade characterized by majorly petroleum products to one where other sectors, particularly the agricultural and creative sectors.

Following the President Macron’s visit, Friends of Nigeria (FON) a French-based organisation has also announced its plan to launch an entrepreneurship support program for SMEs in Nigeria, which will be championed majorly by Nigerian entrepreneurs running successful businesses in Europe.

The support project will be launched during the Spotlight Nigeria Forum- largest forum for France-Nigeria Business and its schedule to take place in Paris, France by early October.

The program would provide capacity building and funding for SMEs in non-extractive sectors, with agribusiness being one of the major areas of focus.

Beyond France being an export trading partner with Nigeria, there seems to be asynchrony between the present French government and the Nigerian government on diversifying economic growth in Nigeria by focusing more on revenue generation through non-oil sectors.