Minister Woos French Investors with Nigeria’s Pro-Business Reforms

The Minister of Information and National Orientation, Mohammed Idris, has encouraged French investors to take full advantage of Nigeria’s growing pro-business reforms, emphasizing the country’s vast market potential and the government’s investor-friendly policies aimed at attracting sustainable foreign direct investment.

Speaking at the Nigeria Business Forum in Paris, France, on Thursday, Idris highlighted Nigeria’s renewed economic momentum under President Bola Tinubu’s administration. The forum, organized by Business France, attracted over 200 French companies and key stakeholders from various sectors.

Idris expressed gratitude to long-standing French partners operating in Nigeria, including TotalEnergies, Lafarge, Peugeot, Danone, Alstom, and Schneider Electric, for their contributions in key areas such as energy, infrastructure, agriculture, healthcare, and manufacturing.

Under President Tinubu’s leadership, Idris noted that Nigeria is undergoing an “unprecedented journey of reform” driven by the Renewed Hope Agenda — an eight-point strategic plan aimed at unlocking the nation’s economic potential.

“These historic reforms are creating a more competitive, transparent, and investor-friendly economy, positioning Nigeria as the gateway to Africa’s rapidly expanding consumer market under the African Continental Free Trade Area (AfCFTA),” he stated.

Among the key reforms outlined by Idris were the unification and stabilization of the foreign exchange regime, the gradual phasing out of fuel subsidies to reduce leakages and increase funding for development, and the implementation of cost-reflective electricity tariffs for sustainability. Other reforms include tax restructuring to encourage transparency and ease of doing business, legislative and fiscal policies supporting private-sector-led growth, trade facilitation through the National Single Window, and digital reforms such as improved immigration and border policies to streamline trade and mobility.

Idris also emphasized Nigeria’s unique investment advantages: Africa’s largest economy with a population exceeding 220 million, over 70% of whom are under the age of 35, and more than 26 years of uninterrupted democratic governance, fostering political stability and institutional continuity.

He assured investors that Nigeria operates a well-regulated, rule-of-law-based economy, supported by strong institutions such as 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).

In just 20 months, the Tinubu administration has reversed Nigeria’s fiscal trajectory, recording 3.84% GDP growth in Q1 2024, boosting revenues by over 20%, and significantly reducing the proportion of revenue 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, the MOFI Real Estate Investment Fund (MREIF), and others,” Idris added.

“These initiatives are paving the way for mobilizing trillions of naira in private sector investments across infrastructure, consumer credit, healthcare, real estate, and more.”

Idris also noted the increasing expansion of Nigerian banks into Europe, including the opening of new offices in Paris, and predicted an expanding Nigerian presence in France’s creative industries, media, and technology sectors.

The Minister invited French companies, especially those in agribusiness, to explore opportunities in Nigeria’s livestock sector, where the newly established Ministry for Livestock Development offers new prospects for collaboration. He highlighted Danone’s global leadership in dairy products and suggested further engagement in this area.

Reaffirming Nigeria’s commitment to its reform agenda, Idris echoed President Tinubu’s message during his 2024 visit to France: “We must embrace the future with optimism, dedication, and the courage of our founding fathers.”

While in Paris, Idris is also scheduled to hold bilateral meetings with leading French media and cultural institutions, including France Médias Monde, the French Regulatory Authority for Audiovisual and Digital Communication (ARCOM), the Ministry of Culture, and Thomson Broadcast — as part of broader efforts to enhance Nigeria-France cooperation in the information and broadcast sectors.