France commits $27b at africa forward summit
President Bola Tinubu has welcomed the outcome of the 10th France–Nigeria Business Council meeting held at the Africa Forward Summit in Nairobi, Kenya, describing it as a strong shift from discussions to real execution in bilateral relations between both nations.
He noted that the partnership between Nigeria and France has now entered the implementation stage, signaling deeper economic collaboration.
At the summit, French President Emmanuel Macron announced €23 billion (about $27 billion) in investment commitments for Africa. The funds will support infrastructure development, energy transition, agriculture, artificial intelligence, healthcare, and the creative and cultural sectors.
With trade between Nigeria and France reaching $4.7 billion in 2025 and Nigeria remaining a key destination for French investment in sub-Saharan Africa, Tinubu emphasized that the relationship must now translate into jobs, industrial growth, infrastructure expansion, and wider economic benefits.
The meeting brought together top government officials and private sector leaders from both countries, including Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, and French Minister Delegate Nicolas Forissier. Major business figures such as Aliko Dangote, Tony Elumelu, and Patrick Pouyanné also participated, reflecting growing investor confidence in Nigeria’s economic direction.
A major highlight was the agreement between Accor and Shoreline Group to develop Nigeria’s first national hotel platform, which was described as a strong endorsement of the country’s tourism and hospitality potential.
Macron also revealed that €14 billion of the total investment will come from French private sector players, while African partners are expected to mobilize €9 billion. He said this marks a shift away from traditional aid-based relationships toward joint investment models.
Other major deals announced include a €700 million agreement between CMA CGM and Kenya to upgrade the Port of Mombasa, as well as multiple financing partnerships by Proparco across agriculture, banking, telecommunications, renewable energy, and healthcare.
Macron stressed that France now seeks a partnership of equals with African nations, focusing on shared growth, prosperity, and long-term cooperation.
