ADDRESS BY HIS EXCELLENCY, ASIWAJU BOLA AHMED TINUBU, GCFR PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA AT THE NIGERIA-FRANCE BUSINESS FORUM PARIS, 29 NOVEMBER, 2024
Protocols:
• Your Excellency
• Distinguished Guests
• Ladies and Gentlemen
I am extremely pleased to address this gathering of important business leaders. This event, in both symbol and substance, stands as strong evidence to the productive cooperation and broad friendship that exists between the French Republic and the Federal Republic of Nigeria.
2.Permit me to use this platform to express my gratitude for the warm reception and hospitality extended to my delegation by the French Government during this state visit. May I also express gratitude to your Government for hosting this France-Nigeria Business Forum.
Indeed, we see France as worthy partner in Nigeria’s effort to build a productive national economy as well as to advance the noble causes of economic development, parity among nations, peace and an end to extremist violence and destructive successionists movements in the West African region.
3.We have serious socio and economic challenges to confront in our region. We seek partners to help combat poverty hunger and lack of growth. What we do not need are actors coming from far and distant places to use the land and people of West Africa as pawns in a game of power and influence unrelated to the welfare and wellbeing of our people.
France can be a positive and genuine factor in creating this new chapter for West Africa. We welcome and seek that productive and healthy role for your nation.
4.This storied and leading Republic in Europe and our large and growing Republic in Africa can do much working together in order to overcome the imbalances of the past to create a better and brighter future for our two nations and for the relationship between our two continents.
ECONOMIC AND COMMERCIAL COOPERATION:
5.Relations between Nigeria and France date back to the Independence era, and these go a long way in shaping the strategic partnership between our two countries.
Trade and investment have been integral to this partnership. As Nigeria has grown and evolved, the texture of the economic cooperation and other relations have also adjusted and accordingly evolved. This flexibility and ability to adapt to emerging political and economic realities is emblematic of a durable relationship based on mutual respect when our interests converge as well as when our interests diverge.
6. This vital business Forum should continue to function in similar spirit. Indeed, the dynamic partnership we already share must be deepened yet constantly refined given the everchanging global environment in which we now exist.
7. Here, I ask your indulgence to allow me to give a few key numbers regarding the Nigerian economy. But most importantly, I want to offer you my vision of economy that Nigeria should and must become not only for the sake of its population of roughly 250 million souls but as a driving force for a new era prosperity and stability throughout the west African region.
We have embarked on key fiscal and monetary policies in order to create a foundation that will allow for greater and more sustained growth in the future. Integral to that future shall be Foreign Direct Investments (FDI).
Already, there are signs that our economy is turning the corner and is starting to positively respond to the reforms thus far enacted.
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in Q3 2024. This rate is higher than the 2.54% recorded in the same quarter last year and also higher than the 3.19 percent recorded in the prior quarter of this year. Equally, Nigeria’s GDP for Q3 2024 stood at N71.13 trillion, with a year-on-year increase of 17.26 per cent from N60.66 trillion in Q3 2023
We believe the best interests of Nigeria are best protected as we continue to correct the fundamentals and institute policies that create wealth and bring meaningful jobs to our people.
8. You see, my vision for the Nigerian economy is not one simply defined by improving GDP numbers. Ultimately, our economy must bring a better standard of living to the vast majority of our people. This means we must grow more food such that no parent will have to send a child to bed hungry or the next morning render them to school without having being fed. That farm incomes will be such as to encourage not discourage greater production.
9. That our growing urban population will have access to good jobs and will be possessed with the skills to do those jobs. Although night must come, darkness shall not befall Nigeria because we will produce sufficient power to light our households and power a growing industrial base 24 hours a day.
That Nigeria will hum with the sound of productive activity calling forth a greater quantum of goods manufactured by and for our people.
In short, my vision for Nigeria is one where we take the the monumental steps necessary to make Nigeria the industrial and agricultural powerhouse our population and resource endowment call us to be.
10. Thus, the timing of this Business Forum is auspicious. It avails us the opportunity to present some of the growth indicators of our economy and explore diverse areas of opportunities and partnerships in Key Sectors.
I am happy to note that the key sectors for our deliberations include Agri-Food, Oil and Gas, Logistics, Banking, Energy, ICT, and Infrastructure. This, indeed, will further boost existing relations between the two countries.
8-POINTS AGENDA:
11. As you are aware, my administration is anchored on an 8-Points Agenda, namely: Diversification of the economy, Education, Healthcare, National Security, Anti-corruption and Good Governance, Infrastructural Development.
12. My administration has created an enabling environment to attract Foreign Direct Investment (FDI) into the critical sectors of the economy: Infrastructure, Oil and gas, Agriculture, Renewable energy, Solid minerals development, and Trade and investment. Thus, I wish to confirm that the hand of partnership is extended to prospective investors from your great country to take advantage of this opportunity to promote private sector engagements, particularly in critical sectors of the economy.
EASE OF DOING BUSINESS REFORMS:
13. The Presidential Enabling Business Environment Council (PEBEC) has continued to implement key reforms with the removal of bureaucratic and legislative constraints aimed at attracting investments with the improved business climate in Nigeria. These reforms include automating regulatory processes, enhancing transparency and streamlining port and trade operations.
INVESTMENT INCENTIVES:
14. Primarily through our investment promotion commission, Nigeria offers various incentives to attract investments such as tax holidays, capital allowances, and investment deductions for certain industries; as well as export expansion grants for non-oil exporters.
15. In addition, we offer Tax-Free periods, Duty-Free Imports for priority projects, Credit Guarantees and Free Trade Zones to stimulate economic growth through investment.
16. Your Excellencies, Captains of industries and business operators, Distinguished Ladies and Gentlemen, permit me to once again to state that Nigeria – a country of over 200 million people – Africa’s largest market, massive natural resources, a robust and skilled youth population and the most hospitable people in Africa is a place of destiny and greater economic import.
17. I do not have to ask you to invest in Nigeria. The facts have already stated the case. What I can tell you is that my government will do everything reasonably possible to make any such investment of mutual and enduring benefit.
20. Thank you for your attention.
Delivered by:
Asiwaju Bola Ahmed Tinubu, GCFR
President of the Federal Republic of Nigeria
