Mohammed Idris, Nigeria’s Minister of Information and National Orientation, recently reaffirmed the country’s commitment to strengthening economic ties with France at the Nigeria Business Forum in Paris. During his address, he showcased Nigeria’s vast business opportunities, emphasizing the government’s ongoing efforts to attract sustained foreign direct investment.
The forum was part of Nigeria’s broader strategy to promote its economic reforms, market potential, and investor-friendly climate. Idris highlighted the nation’s transformative journey under President Bola Ahmed Tinubu, spurred by the Renewed Hope Agenda—an eight-point strategic plan focused on unlocking Nigeria’s 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),” said Idris.
Nigeria’s Key Strengths: A Thriving Market with Massive Potential
Idris spotlighted Nigeria’s considerable advantages, noting its position as Africa’s largest economy with a youthful population of over 220 million—70% of whom are under 35 years old. He also highlighted the country’s robust 26-year history of democratic governance, providing stability and continuity for economic growth.
Reassuring investors, Idris stressed that Nigeria operates a well-regulated economy, founded on the rule of law and backed by key institutions such as the Central Bank of Nigeria (CBN), the Nigerian Investment Promotion Commission (NIPC), and the Securities and Exchange Commission (SEC).
Revolutionizing the Economy: Growth, Reforms, and Strategic Initiatives
Idris shared the remarkable progress Nigeria has made under the Tinubu administration. Over a short span of 20 months, the administration has achieved a 3.84% GDP growth in the first quarter of 2024, increased revenue by over 20%, and reduced the burden of debt servicing significantly.
“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),” he said, pointing to these efforts as pivotal to attracting trillions of naira in private investments.
Exploring New Investment Horizons
Idris also emphasized Nigeria’s growing presence in Europe, with financial institutions expanding into cities like Paris. He foresees increased Nigerian involvement in creative industries, media, and technology within the French market.
Turning to agribusiness, the Minister encouraged French companies to explore opportunities in Nigeria’s newly established Ministry for Livestock Development, an area he believes could benefit from global expertise in dairy, such as Danone’s involvement.
Fostering Future Growth through Reform
Idris reinforced President Tinubu’s message, urging the global community to embrace the future with optimism and the courage of Nigeria’s founding fathers.
Key reforms include:
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Unification and stabilization of the foreign exchange system.
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Fuel subsidy removal to reduce inefficiencies and enhance development funding.
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Cost-reflective electricity tariffs to ensure long-term sustainability.
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Tax reforms to promote transparency and ease of doing business.
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Continued support for private sector-led growth, trade facilitation, and digital reforms to streamline operations across Nigeria.
Deepening Bilateral Relations
While in Paris, Minister Idris will also meet with major French media and cultural institutions, including France Médias Monde, ARCOM (the French audiovisual regulator), and Thomson Broadcast. These engagements will further strengthen Nigeria’s partnership with France in the media and information sectors.
