Nigeria seems to be France’s favorite business destination in West Africa

Nigeria seems to be France’s favorite business destination in West Africa

According to the Consul General of France in Lagos, Nigeria receives the highest amount of France’s business among all West African nations, accounting for approximately 60% of French Foreign Direct Investment in West Africa.

Franco-Nigerian Chamber of Commerce and Industry Strengthens Economic Ties: The Franco-Nigerian chamber currently has over 400 members, including 100 French companies.

France values its relationship with Nigeria, with nearly $10 billion invested from French companies in Nigeria, demonstrating the growing business relations between the two countries.

Of all West African Nations, Nigeria attracts the largest amount of France’s business, at approximately 60% of the European country’s foreign direct investment heading into the sub-continent. This figure is according to the information relayed by the Consul General of France in Lagos, Ms. Laurence Monmayrant.

She disclosed this information during the closing-gong ceremony for the Franco-Nigerian Chamber of Commerce and Industry, in honor of the French Consul General in Lagos on Tuesday, which was held at the Nigerian Exchange Limited.

Monmayrant said, “We are very interested in the work because the stock exchange is a catalyst of attracting investments to Nigeria and this is really something we are working on also. Currently, the Franco-Nigerian chamber has over 400 members, and among them, are 100 French companies. Nigerian companies with a strong interest in France and this is really our job to foster these economic ties between France and Nigeria.

“France may not be the first country (that comes to) mind when it comes to business and investments in Nigeria but we have made a lot of progress and achievements. Our President, Emmanuel Macron, values the relationship with Nigeria. We have nearly $10bn invested from French companies in Nigeria and have grown over the last few years. Nigeria currently attracts 60% of French Foreign Direct Investments in West Africa.”

Read more: President Buhari’s daughter hails ‘silent achiever’ father

The consul’s overarching message was that France enjoyed doing business with the West African nation, and has intentions of amplifying business relations between both countries.

In his remarks, the Divisional Head, Capital Markets, NGX, Jude Chiemeka, said that the Exchange is particularly interested in forging a relationship with the 100 French companies operating in Nigeria as the NGX is known to house over 153 listed companies and has 232 trillion license holders.

Chiemeka noted that the NGX sees itself as the African hub for corporates seeking to raise capital and for investors looking for investment instruments to help grow their wealth. Monmayrant added that French companies would continue to show interest in Nigeria.

He thanked the French delegation, and assured them of Nigeria’s of them of Nigeria’s hospitality and conducive business climate, both of which are necessary for the fruition of fostering stronger trade ties.



Please enter your comment!
Please enter your name here