French agribusiness, cosmetics investors show interest in Nigerian economy

French investors in agribusiness and perfumes, among others, are interested in putting their money into the Nigerian economy.

Francis Widmer, head, Regional Economic Department and economic counsellor of France’s embassy in Nigeria, said this at France Embassy in Lagos, recently.

There will be new companies from France coming into Nigeria, which will include those in perfume and agro businesses, Widmer said, adding that France has put about €2 billion into Africa’s largest economy while bilateral trade value between both countries currently stands at €5.6 billion, mostly in favour of Nigeria.

“We have a delegation of 50 members visiting Abuja, which is a continuation of President Buhari’s visit to France,” he said, at the Franco-Nigerian Chamber of Commerce and Industry (FNCCI) press briefing held at the embassy in Lagos.

Laurent Polonceaux, consul general of the French Embassy in Lagos, said this would be a year of challenges in Nigeria, given the several control measures put in place by the government, as a result of drop in oil prices. He, however, added business people from Nigeria and France must share information, as this is one way to deal with this kind of uncertainties.

Bertrand de La Forest Divonne, country manager for Nigeria, Business Africa, said apart from the challenge of language barrier, there was also the problem of credibility of few Nigerian business people.

He said his organisation was setting up in Nigeria and had 10 offices across Africa because of the need to locate investors and promote partnership with France.