The Minister of Information and National Orientation, Mohammed Idris, assured that the Federal Government will create a favorable environment for foreign investment.
He urged investors to remain engaged with Nigeria’s economy, especially amid the country’s ongoing reforms.
The minister emphasized that Nigeria provides dynamic market potential and an investor-friendly environment, essential for successful business operations.
Idris emphasized Nigeria’s dedication to deepening economic ties with France during his address at the Nigeria Business Forum in Paris.
The event was organized by ‘Business France,’ according to a statement from the minister’s media aide, Rabiu Ibrahim.
Idris expressed gratitude to long-standing French partners in Nigeria, including TotalEnergies, Lafarge, Peugeot, Danone, Alstom, and Schneider Electric, for their significant contributions to key sectors like energy, infrastructure, agriculture, healthcare, and manufacturing.
The minister stated that under President Bola Ahmed Tinubu’s leadership, Nigeria is undergoing an “unprecedented journey of reform,” guided by the Renewed Hope Agenda, which is an eight-point strategic plan designed to unlock the nation’s vast economic potential.
He said, “These historic reforms are building a more competitive, transparent, and investor-friendly economy, positioning Nigeria as the gateway to Africa’s booming consumer market under the African Continental Free Trade Area (AfCFTA).”
Idris highlighted key reforms under the Renewed Hope Agenda, including the unification and stabilization of the foreign exchange regime, the phasing out of fuel subsidies to curb leakages and boost development funding, and the introduction of cost-reflective electricity tariffs to ensure sustainability.
He assured investors of a well-regulated, rule-of-law-based economy, supported by strong institutions such as the Central Bank of Nigeria, the Nigerian Investment Promotion Commission, the Securities and Exchange Commission, and the Federal Competition and Consumer Protection Commission.
Idris noted that within 20 months, the Tinubu administration has reversed Nigeria’s fiscal trajectory, achieving a 3.84% GDP growth in Q1 2024, increasing revenue by over 20%, and significantly reducing the proportion of revenues spent on debt servicing.
He added, “The government is acting as a catalyst for private sector growth through strategic initiatives like the Renewed Hope Infrastructure Development Fund (RHIDF), the Nigerian Consumer Credit Corporation (CrediCorp), the Presidential CNG Initiative, the MOFI Real Estate Investment Fund (MREIF), and several others.
“These initiatives are laying the foundation for leveraging trillions of naira in private sector investments across infrastructure, consumer credit, healthcare, real estate, and beyond.”
The minister also highlighted the expansion of Nigerian banks into Europe, including new offices in Paris, and projected a growing Nigerian presence in France across creative industries, media, and technology. He invited French companies interested in agribusiness to explore opportunities in Nigeria’s livestock sector, where the newly established Ministry for Livestock Development offers new avenues for partnership.
Citing Danone’s global leadership in dairy products, Idris emphasized the potential for deeper engagement and collaboration in this area.
