Nigerian president woos French investment on state visit

President Bola Tinubu said on Thursday Nigeria is "open for business" as he embarked on a state visit to France, with Paris looking to boost ties in English-speaking Africa following a series of setbacks with former allies on the continent.

The 72-year-old president met with his French counterpart, Emmanuel Macron, during the first official state visit by a Nigerian leader in more than two decades.

Macron, 46, who has sought a "renewal" between Paris and Africa since his 2017 election, said his country will "continue to invest" in Nigeria, at a time when France's influence on the continent is waning following military coups and changing attitudes.

The west African country is the continent's leading oil producer and has a robust film industry, dubbed "Nollywood".

But challenges including insecurity and corruption have left 129 million Nigerians -- more than half the country's population -- living below the poverty line.

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For Tinubu, who has been battling soaring inflation and food prices, the visit represents an opportunity to tap economic investment.

"Nigeria is open for business," he said after his meeting with Macron, adding it should be taken "for a serious country and partner".

Colonial past

France's pivot towards English-speaking Africa signals Macron's desire to reverse the country's declining influence on the continent, with visits to Nigeria in 2018, Ethiopia in 2019 and South Africa in 2021.

France suffered a blow when a series of coups from 2020 hit its former colonies in Niger, Mali and Burkina Faso, with new military rulers breaking ties with the ex-colonial ruler and veering towards Russia.

The three Sahel countries are battling jihadist violence that erupted in northern Mali in 2012 and spread to Niger and Burkina Faso in 2015.

"France's leading trading partners in Africa are not French-speaking", said Togolese economist Kako Nubukpo.

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Nigeria was France's number-one trading partner in sub-Saharan Africa in 2023, followed by South Africa, according to the French customs authority.

France still holds significant sway despite competition from China, India and Turkey, said Alain Antil, a researcher in sub-Saharan Africa at the French Institute of International Relations (IFRI).

This is especially true in English-speaking countries, where France "is not held back by its colonial past", he told AFP.

And with urbanisation -- up to 700 million new city dwellers by 2050 -- and an emerging middle class, countries throughout Africa are seeking to take advantage of French investment to boost growth.

Tinubu said Nigeria needs France to help develop its "vibrant youth population, well-educated, and ready to be trained", with promises from Macron to invest in the cultural sector.

"France wants to work alongside you," said Macron.

'Partnership of equals'

With at least 220 million inhabitants, Nigeria represents a promising market despite the challenges posed by insecurity and corruption.

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Tinubu addressed investors' concerns, saying his government is "working to stabilise the security situation in Nigeria", but acknowledged the country still needs to do more.

Since 2009, northern Nigeria has been plagued by various jihadist groups, including Boko Haram and a rival faction, the Islamic State in West Africa (ISWAP) group, as well as armed criminal gangs.

According to a diplomatic source who asked not to be named, the visit "epitomises" France's strategy in anglophone Africa. Nigeria "wants a partnership of equals, not a lecture", especially on human rights, the source added.

Paris hopes to court others on the continent at the 2026 Africa-France Summit, where France sees opportunities in countries like Kenya and Zambia.

Source: AFP