Minister woos French investors with Nigeria’s ambitious economic reforms

Information and National Orientation Minister, Mohammed Idris, has made a compelling case to French investors, spotlighting Nigeria’s ambitious economic reforms.

Also, with dynamic market potential, and investor-friendly environment as part of the administration’s push to attract sustained foreign direct investment.

Idris emphasized Nigeria’s commitment to fostering deeper economic ties with France while speaking at the Nigeria Business Forum in Paris on Thursday.
According to the statement released by the Minister’s aide revealed that the event was organized Business France, which was attended by over 200 French companies in 2023.

The Minister expressed appreciation to longstanding French partners operating in Nigeria, including TotalEnergies, Lafarge, Peugeot, Danone, Alstom, Schneider Electric, among others, for their contributions across key sectors such as energy, infrastructure, agriculture, healthcare, and manufacturing.

Under President Bola Ahmed Tinubu’s leadership, he said 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 vast 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),” he added.

Among the key reforms highlighted were: Unification and stabilization of foreign exchange regime, phasing out of fuel subsidies to curb leakages, and boost development funding and cost- reflective electricity tariffs to ensure sustainability.

Others include tax reforms to promote transparency and ease of doing business, legislative and fiscal measures to support private-sector-led growth, trade facilitation through the National Single Window, and digital reforms, including Immigration and border policy reforms to streamline movement and trade.
The Minister underscored Nigeria’s unique investment appeal: Africa’s largest economy, 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 of 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).

Idris recalled that, in just 20 months, the Tinubu administration has reversed Nigeria’s fiscal trajectory, recording 3.84% GDP growth in Q1 2024, boosting revenue by over 20%, and significantly lowering the proportion of revenues 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 several others,” he noted.
“These initiatives are laying the foundation for leveraging trillions of naira in private sector investments across infrastructure, consumer credit, healthcare, real estate, and beyond.”

The Minister also highlighted 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 companies—particularly in agribusiness—to explore new opportunities in Nigeria’s livestock sector, where the newly established Ministry for Livestock Development presents fresh avenues for partnership. Citing Danone’s global leadership in dairy products, Idris noted the potential for deeper engagement in this space.

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

While in Paris, the Minister will also 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 strengthen Nigeria-France cooperation in the information and broadcast sectors.