Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has reaffirmed the country’s commitment to strengthening economic relations with France, highlighting Nigeria’s extensive business opportunities to potential investors. He made the remarks at the Nigeria Business Forum held in Paris.
As part of the Nigerian government’s ongoing drive to attract sustained foreign direct investment, Idris presented the country’s economic reforms, growing market potential, and investor-friendly climate to French business leaders. He said that under President Bola Ahmed Tinubu’s leadership, Nigeria is undergoing a significant transformation, driven by the Renewed Hope Agenda—an eight-point strategic plan aimed at unlocking economic potential.
“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),” he said.
The Minister outlined Nigeria’s key strengths, citing its position as Africa’s largest economy, a youthful population exceeding 220 million—with over 70% under the age of 35—and more than 26 years of democratic governance, which has supported political stability and institutional continuity.
Idris assured investors of Nigeria’s well-regulated economy, anchored in the rule of law and supported by credible institutions including the Central Bank of Nigeria (CBN), the Nigerian Investment Promotion Commission (NIPC), the Securities and Exchange Commission (SEC), and the Federal Competition and Consumer Protection Commission (FCCPC).
He noted that within just 20 months, the Tinubu administration has reversed Nigeria’s fiscal trajectory, achieving 3.84% GDP growth in the first quarter of 2024, increasing revenue by over 20%, and significantly reducing the portion of income spent on debt servicing.
“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, and the MOFI Real Estate Investment Fund (MREIF). These efforts are laying the groundwork for trillions of naira in private investments across various sectors,” he said.
Idris also highlighted the expansion of Nigerian financial institutions into Europe, including new bank branches in Paris. He projected further Nigerian presence in the French market through creative industries, media, and technology.
Inviting French companies to explore investment opportunities in agribusiness, he pointed to the newly created Ministry for Livestock Development as a fresh avenue for collaboration. He specifically mentioned Danone’s global expertise in dairy as a potential area for deeper engagement.
Reiterating President Tinubu’s 2024 message in France, Idris said, “We must brace up for the future with commitment and optimism, and with the courage of our founding fathers.”
Key reforms shared with investors included the unification and stabilisation of the foreign exchange system, the removal of fuel subsidies to reduce waste and increase development funding, and the implementation of cost-reflective electricity tariffs to ensure sustainability. Additional measures include tax reforms to improve transparency and the ease of doing business, support for private-sector-led growth, trade facilitation through the National Single Window, and digital policy reforms to streamline immigration and border processes.
While in Paris, Minister Idris is also scheduled to hold bilateral meetings with top French media and cultural institutions, including France Médias Monde, ARCOM (the French audiovisual regulator), the Ministry of Culture, and Thomson Broadcast. These engagements form part of broader efforts to deepen cooperation between Nigeria and France in the media and information sectors.