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Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has urged French investors to tap into Nigeria’s growing economic potential, highlighting sweeping reforms and strategic opportunities that make the country a prime destination for sustainable foreign direct investment.
Speaking at the Nigeria Business Forum in Paris on Thursday, Idris presented Nigeria’s renewed economic direction under the administration of President Bola Tinubu, noting that recent reforms are positioning the country as a gateway to Africa’s booming consumer market.
The event, organized by Business France, drew more than 200 French companies and stakeholders from key sectors including energy, manufacturing, infrastructure, and agriculture.
“Nigeria Is Open for Business”
Idris extended appreciation to long-term French partners operating in Nigeria — including TotalEnergies, Lafarge, Peugeot, Danone, Alstom, and Schneider Electric — for their continued investments in critical sectors.
“Under President Tinubu’s leadership, Nigeria is on an unprecedented journey of reform,” Idris said. “We are building a more competitive, transparent, and investor-friendly economy.”
The reforms, guided by the Renewed Hope Agenda, include:
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Unification and stabilisation of the foreign exchange regime
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Phasing out of fuel subsidies to redirect funds to development
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Cost-reflective electricity tariffs for long-term sustainability
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Tax restructuring to improve transparency and ease of doing business
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Legislative and fiscal incentives to support private-sector-led growth
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Digital trade facilitation, including immigration and border upgrades
Africa’s Largest Market with Strong Foundations
Nigeria’s appeal goes beyond reforms. The Minister highlighted several competitive advantages:
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Africa’s largest economy
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Population of over 220 million, with 70% under the age of 35
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26 years of uninterrupted democracy, creating a stable and predictable business environment
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Strong regulatory institutions such as the CBN, SEC, NIPC, and FCCPC
He also noted Nigeria’s 3.84% GDP growth in Q1 2024, over 20% revenue increase, and a significant reduction in debt servicing ratios — all achieved within the first 20 months of the Tinubu administration.
Private Sector as Growth Engine
Idris emphasized Nigeria’s shift toward enabling the private sector through initiatives like:
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Renewed Hope Infrastructure Development Fund (RHIDF)
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Nigerian Consumer Credit Corporation (CrediCorp)
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Presidential CNG Initiative
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MOFI Real Estate Investment Fund (MREIF)
“These initiatives are laying the foundation for mobilizing trillions of naira in private sector investments,” he said, citing potential in infrastructure, real estate, consumer credit, and healthcare.
Stronger Ties with France in View
Idris also pointed to the expansion of Nigerian banks into Europe, including new offices in Paris, and projected increased Nigerian presence in France across creative industries, media, and technology.
He invited French investors — particularly in agribusiness — to explore opportunities in Nigeria’s livestock sector, supported by the newly created Ministry for Livestock Development. He singled out Danone as a potential partner for deeper engagement in dairy production.
“We must brace up for the future with commitment and optimism,” Idris said, quoting President Tinubu’s message during his 2024 visit to France.
As part of his visit, the Minister will also meet with French media and cultural institutions — including France Médias Monde, ARCOM, the French Ministry of Culture, and Thomson Broadcast — to deepen Nigeria-France cooperation in the information and broadcast sectors
