President Bola Ahmed Tinubu’s state visit to France may seem to many just another matter of diplomatic routine. However, for those attuned to international relations, President Tinubu’s visit to France is an important strategic opportunity.
Indeed, President Tinubu’s three-day state visit to France is more than a symbolic gesture; it is a strategic move with potential to lift Nigeria’s international profile which advancing key national security and domestic priorities. The visit presents an opportunity to define not only Nigeria’s relationship with France but also West Africa’s relationship with this former colonial power by focusing on mutually beneficial endeavours regarding trade, peace and security, and sustainable development.
Nigeria-France relations date back to Nigeria’s independence in 1960, with France recognising Nigeria as a vital economic and political player in Africa. Over the decades, trade and investment have been cornerstones of this partnership.
Available trade statistics show that France is one of Nigeria’s largest European trading partners, with bilateral trade valued at approximately €4 billion in 2022, but this figure pales compared to the €18 billion trade between France and South Africa, highlighting untapped potential.
Key exports from Nigeria include crude oil, liquefied natural gas, and agricultural products, while France exports machinery, pharmaceuticals, and consumer goods. Over 120 French companies operate in Nigeria, including TotalEnergies, which has invested heavily in Nigeria’s oil and gas sector. Other players, such as Lafarge in cement production and Danone in food processing, highlight France’s role in diversifying Nigeria’s economy.
France ranks as one of the largest economies in Europe, with a GDP of $3.7 trillion as of 2023. Nigeria, on the other hand, is Africa’s largest economy, boasting a GDP of $506.6 billion in 2023.
Trade imbalances persist, with Nigeria’s economy heavily reliant on oil exports, while French companies dominate non-oil sectors. President Tinubu’s visit could aim to correct this imbalance by promoting diversification. President Tinubu’s agenda must prioritise expanding Nigeria’s non-oil exports to France, particularly in sectors like agriculture, technology, and manufacturing. France’s expertise in renewable energy and infrastructure development aligns with Nigeria’s needs, especially as the nation grapples with a long-existing problem of epileptic power supply and decaying infrastructure. Agreements on technology transfer and the establishment of French industries in Nigeria could create jobs for the teeming youth population, reducing unemployment, which stands at 33 percent as of Q2 2024.
Additionally, French multinational corporations such as TotalEnergies and Danone have deep investments in Nigeria’s oil, gas, and agribusiness sectors. A strengthened partnership could yield greater foreign direct investment (FDI), which dropped by 20 percent to $4 billion in 2023 compared to 2022. Negotiating improved terms for Nigerian enterprises within these industries could boost local content development and strengthen the domestic economy.
President Tinubu’s engagements with French business leaders present a strategic opportunity to attract investment into Nigeria’s priority sectors:
In the area of renewable energy, it must be noted that France, through TotalEnergies and Engie, has expertise in solar and wind energy. With Nigeria’s renewable energy market projected to reach $10 billion by 2030, this partnership could drive clean energy access to underserved areas.
For ICT and startups, the visit could solidify partnerships in Nigeria’s booming tech ecosystem, valued at $4.4 billion in 2023, by attracting French venture capital into Nigerian startups.
Agriculture is another vital sector: collaboration with French agribusiness firms could boost Nigeria’s agricultural productivity, align with food security goals, and promote exports to the EU market.
In addition to showcasing opportunities for foreign direct investment, President Tinubu’s pursuit of his administration’s “Renewed Hope Agenda” strongly embraces the quest for increased French involvement in Nigeria’s economic diversification and industrialization.
https://www.westernpost.ng/as-president-bola-ti
Insecurity, marked by violent extremism, secessionist movements, terrorism, proxy machinations of outside powers and sheer criminality, remains a significant threat to regional stability.
According to a senior government official, Nigeria, under Tinubu’s leadership, must seek to contain and reduce these factors of instability. An important aspect of this is to ensure that our region does not become a proxy theatre for outside powers to continue their rivalries.
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
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