Nigeria, France forge economic partnership, as Zenith Bank launches Paris branch

…UBA also moves to launch operations in Paris

By Kunle Sanni

Nigeria and France have taken a significant step toward enhancing economic collaboration, with the signing of two landmark agreements during President Bola Tinubu’s state visit to Paris.

The agreements, signed on Thursday by President Tinubu and French President Emmanuel Macron, aim to boost critical infrastructure development, agriculture, and food security.

The event, which coincided with the inauguration of Zenith Bank’s Paris operations, was part of an economic forum held at the Palais des Elysée, featuring top government officials, industry leaders, and business executives from both countries.

During the forum, United Bank for Africa (UBA) Chairman Tony Elumelu signed an agreement with Antoine Armand, France’s Minister of Economy, Finance, and Industry, paving the way for UBA to commence operations in Paris.

The forum also marked the signing of two Letters of Intent, outlining the framework for sustained economic cooperation between the two nations.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Antoine Armand signed the first Letter of Intent, which commits both countries to investing over €300 million in critical infrastructure projects across Nigeria’s six geopolitical zones.

The document highlights areas of focus, including transportation, healthcare, agricultural value chains, renewable energy, and human capital development. It also underscores a commitment to mutual trade enhancement by removing fiscal barriers while protecting labor rights.

In a separate agreement, Minister Edun and Rémy Rioux, Chief Executive Officer of the French Development Agency (AFD), signed a Letter of Intent to support President Tinubu’s Renewed Hope Agenda—a series of reforms aimed at stimulating economic growth.

The agreement outlines AFD’s commitment to funding sustainable projects in urban infrastructure, transportation networks, housing, education, agriculture, and healthcare.

AFD also pledged to support energy access and transition initiatives, alongside sustainable agriculture and agro-logistic hubs, with a focus on empowering micro, small, and medium enterprises (MSMEs) in high-impact sectors.

Nigeria, in turn, reaffirmed its support for AFD-funded projects and committed to ensuring their efficient and timely implementation.