Vice President Kashim Shettima has assured investors from France and French-owned businesses in Nigeria of the Federal Government’s commitment to creating an enabling business environment.
Shettima spoke in Lagos on Tuesday at the ongoing French Week 2024, which is themed ‘Enhancing France-Nigeria Relations through Sustainable Investments and Partnerships.’
Represented by Zahra Mustapha-Audu, the technical adviser to the president on foreign direct investment, said the Nigerian government was carrying out several policy reforms targeted at attracting foreign direct investments and a business-friendly environment.
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He said Nigeria’s new tax reform bill would alleviate poverty by ensuring that the right people are brought into the tax net.
He further noted the tax reform would ensure Nigeria become a country where proceeds from a region or state are re-invented in the state.
Shettima said President Tinubu was pushing for foreign direct investments, especially B2B more than B2G investments.
“We believe in an investment that has local content where investors would collaborate with indigenous companies. We are pushing for high-impact investment that is mutually beneficial and not exploitative,” he explained.
Highlighting the three crucial areas of opportunity where France’s sustainable investments can make a transformative impact, Babajide Sanwo-Olu, governor of Lagos State, urged French companies to consider investing in sustainable renewable energy solutions.
He said French expertise in renewable energy could be instrumental in helping Nigeria meet its clean energy targets and improve resilience to climate impact.
Sanwo-Olu, who was represented by Folashade Ambrose-Medebem, his commissioner for commerce, cooperatives, trade, and investments, said French businesses can invest in Nigeria’s agribusiness to create food security.
“Collaboration in agribusiness offers a sustainable path to food security and investments in this sector can foster modern farming techniques, reduce post-harvest losses, and empower the agricultural workforce,” the governor said.
He said technology and digital innovation were other areas investors from France could consider.
“Lagos positions itself as the leading African tech hub and creates room for deeper investment in digital infrastructure, tech education, and skills transfer. This is vital for a future-ready economy, and aligns well with France’s technological expertise and innovation,” he added.
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Also speaking, Marc Fonbaustier, ambassador of France to Nigeria, said the French Week was taking place ahead of President Bola Tinubu’s state visit to France. He said the visit would provide a rare opportunity to scale up the France-Nigeria bilateral relationship, strengthen existing trade and investment ties, and establish new partnerships.
“We want to explain that Nigeria is a land of opportunities and beyond oil and gas, there are opportunities in tech, agriculture, creative and cultural industries,” he said.
Fonbaustier said the Tinubu administration has embarked on reforms to create a more favourable macroeconomic environment, with a more stable currency, more sustainable public finances, and enhanced prosperity.
Earlier, Guillaume Niarfeix, president of the Franco-Nigerian Chamber of Commerce and Industry, said French companies have projects that support Nigeria’s economy and they are investing millions of euros in the country.
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