In a landmark move to strengthen bilateral ties and drive sustainable development, the Federal Government of Nigeria has secured a €300 million development partnership with France. This significant agreement is set to bolster key sectors of Nigeria’s economy, including healthcare, transportation, and renewable energy.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun led the Federal Republic of Nigeria in signing two transformative agreements with the French Government and its development agency, AFD (Agence Française de Développement).

These agreements, collectively valued at over €300 million, are set to strengthen key sectors of Nigeria’s economy and drive sustainable development.

Strategic Focus Areas

The Letter of Intent, co-signed by HM Edun and France’s Minister of Economy, Finance, and Industry, Mr. Antoine Armand underscores a shared commitment to strategic investments in healthcare, transportation, Agricultural Value Chains, renewable energy, and Human Capital Development

Speaking at the signing ceremony in France, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun
remarked that this partnership goes beyond financial support. It is about building robust, sustainable systems that foster development and empower Nigerians. It reflects the confidence of international partners in the progress of Nigeria’s economic reforms.

Reinforcing Development Diplomacy

The Nigerian Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the French Development Agency (AFD) CEO, Rémi Rioux, also signed an agreement to support Nigeria’s Renewed Hope Agenda aimed at economic stimulation through sustainable projects.

The AFD reaffirmed its dedication to long-term support for Nigeria’s energy access, sustainable agriculture, and food security initiatives, emphasizing the importance of efficient project implementation.

The Declaration of Intent signed with AFD marks a pivotal step in Nigeria’s economic diplomacy. This agreement guarantees AFD’s continued commitment to financing sustainable projects that align with President Bola Ahmed Tinubu’s Renewed Hope Agenda. It prioritises the following sectors: Urban Infrastructure, Transportation Networks, Education with a focus on STEM, Sustainable Agriculture, and Food Security as well as Healthcare Systems

Additionally, AFD pledged support for Nigeria’s energy transition goals, agro-logistics hubs, and MSME financing, all aimed at fostering job creation and driving growth in high-impact sectors.

With these agreements, Nigeria and France reaffirm their commitment to forging strong bilateral ties and investing in a future of shared prosperity.

This historic partnership is a testament to the growing confidence of international partners in Nigeria’s economic reforms. As the country continues on its path to sustainable development, this agreement is poised to play a significant role in driving growth, creating jobs, and improving the lives of Nigerians.