France says to continue fostering economic, investment ties with Nigeria

In a bid to promote trade between France and Nigeria, the French Government has said it will continue fostering economic and investment ties with Nigeria.

This is even as it revealed that it is looking forward to working with the Nigerian Exchange Limited (NGX) to have more brands listed on its platform in the coming year.

Laurence Monmayrant, Consul General of France in Lagos disclosed this during the Closing Gong ceremony for the Franco-Nigerian Chamber of Commerce and Industry, in honour of the French Consul General in Lagos on Tuesday.

In his opening remark, Jude Chiemeka, Divisional Head, Capital Markets, NGX said that the Exchange is particularly interested in forging a relationship around the 100 companies that are French companies operating in Nigeria as the NGX is known to house over 153 listed companies and has 232 trillion license holders.

Chiemeka noted that the NGX sees itself as the African hub for corporates seeking to raise capital and for investors looking for investment instruments to help grow their wealth.

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Monmayrant on her part, stated that the Franco-Nigeria Chamber of Commerce is pleased with the Exchange’s role in sustainability and finance which corresponds with the chamber’s values.

She said, “We are very interested in the work that we are doing because the stock exchange is a catalyst of attracting investments to Nigeria and this is really something we are working on also. Currently, the Franco-Nigerian chamber has over 400 members and among them, are 100 French companies and also Nigerian companies having a strong interest in France and this is really our job to foster these economic ties between France and Nigeria.

France may not be the first country in mind when it comes to business and investments in Nigeria but we have made a lot of progress and achievements. Our President, Emmanuel Macron values the relationship with Nigeria. We have nearly $10 billion invested from French companies in Nigeria and have grown over the last few years. Nigeria currently attracts 60 per cent of French foreign direct investments (FDIs) in West Africa”.

According to her, “We want to continue to work on this and we think that French companies will continue to show interest in Nigeria.”

Chiemeka further thanked the French delegation and reiterated that the Exchange will continue to promote an enabling platform where corporates and individuals can meet their objectives.

While complimenting Chiemeka, the Chief Finance Officer, NGX, Adebayo Opatade added that the NGX’s market was liquid and ready to support the capital raising needs of the Franco-Nigerian firms.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.