Nigeria, France Sign Agreements on Critical Infrastructure as Zenith Bank Opens Paris Branch; UBA on the Way

President Bola Tinubu and French President Emmanuel Macron signed two agreements on Thursday in Paris, France, that will ensure a partnership on the development of critical infrastructure and the long-term sustenance of agriculture and food security.

Earlier, President Tinubu and President Macron witnessed the signing of the agreement by the United Bank for Africa (UBA) Group Chairman Tony Elumelu and Mr. Antoine Armand, the French Minister of Economy, Finance and Industry for the bank to commence operations in Paris.

A statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, also revealed that Zenith Bank inaugurated its services in the country during the visit.

The partnership agreements were signed at an economic forum attended by businessmen, captains of industry, governors, and some top government officials of both countries at the Palais des Elysée in Paris, France, during President Tinubu’s state visit.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Mr. Armand signed the Letter of Intent.

According to the document: ”The two countries affirmed their commitment to work together on investment and development of critical infrastructure, healthcare transportation, agricultural value chain, renewable energy, and human capital development, through diverse financial and technical assistance programmes, of over Euros 300m spread across all geopolitical zones in the country.

“The two countries committed to forge a strategic relationship in project implementation and enhance mutual trade and cross border services by removing fiscal barriers while protecting labour rights.”

The Minister of Finance, Edun, and Chief Executive Officer of the French Development Agency (AFD), Mr. Remi Rioux, signed another Letter of Intent to support the Renewed Hope Agenda reforms designed to stimulate and strengthen the economy.

“The Declaration”, the document states, “ set out the enduring relationship between the AFD and the FRN, and the AFD’s continuing commitment to support the socio-economic growth of Nigeria through financing sustainable projects in urban infrastructure development, transportation network, housing infrastructure, human capital development through improved education specifically in STEM, agriculture, food security and healthcare.

“The AFD reaffirmed its commitment to long-term support of the Renewed Hope Agenda of Mr President on energy access and transition, sustainable agriculture and food security by financing the improvement of agro-logistic hubs. Importantly, the AFD committed to supporting the real sector by providing capital from MSME in high-impact sectors.

“The Federal Republic of Nigeria also affirmed its support for the projects financed by the AFD and committed to ensure that the implementation of the projects are expedited efficiently.”