French Week 2024 Business Forum: Exploring New Avenues for Cooperation and Growth

November 18, 2024
Damilola Soyomokun
Exclusives

The recently concluded French Week 2024 featured the highly anticipated Business Forum, where stakeholders from diverse sectors came together to share insights, establish connections, and strategize for mutual growth.

President of the French-Nigerian Chamber of Commerce and Industry (FNCCI), Guillaume Niarfeix, highlighted the deepening collaboration between France and Nigeria, particularly in energy, infrastructure, and technology. He emphasized the importance of fostering partnerships between businesses and governments in both countries, citing the significant investments made by the Agence Française de Développement in Nigeria. With over 400 members, the French Chamber of Commerce has been instrumental in creating business opportunities and encouraging French investments in the Nigerian economy.

Niarfeix also noted Nigeria’s status as France’s largest partner country in Africa, generating approximately 60% of the return on investment (ROI) from French economic engagements across the continent. This underscores the strategic importance of Nigeria to France, making the partnership a cornerstone of France’s economic strategy in Africa. He subsequently expressed optimism about the future, emphasizing the need to strengthen and expand this partnership further.

Similarly, Aigboje Aig-Imoukhuede, President of the France-Nigeria Business Council, underscored the enduring relationship between the two nations, built on shared values and collaboration. He stated that this partnership has become even more essential, offering opportunities to drive economic progress and foster regional and global connections.

One of the forum’s central themes was Nigeria’s urgent need for sustainable and accessible energy solutions. This aligns with the 2023 Electricity Act, which focuses on decentralizing the national grid to improve energy distribution. A panelist noted that “energy accessibility” remains one of Nigeria’s major challenges, with innovation and collaboration seen as key to resolving the issue.

In this regard, French and Nigerian companies are working on renewable energy initiatives. Schneider Electric’s Access to Energy program in partnership with Bolamark, operational for over a decade, aims to provide clean energy to underserved communities. Through NGO partnerships, the program distributes solar-powered systems to rural areas, including oil-producing states like Bayelsa and Rivers. The solutions range from home-based solar systems to community-scale microgrids.

Additionally, French businesses are supporting the adoption of compressed natural gas (CNG) as a transitional energy source to lower emissions and reduce reliance on subsidies. CNG-powered vehicles and infrastructure are seen as critical interim solutions while working toward a full transition to renewable energy.

The French Business Forum 2024 underscored the importance of strengthening the France-Nigeria partnership to build a sustainable and innovative future.

The Business Summit filled with stakeholders from different sectors were involved in various panel discussions to bothering on the energy, technology and infrastructure sectors of Nigeria and France partnerships and growt.

Infrastructure development, particularly in the energy sector, was highlighted as a foundation for economic growth. Regulatory reforms in Nigeria, such as streamlined permitting processes and transparent investment frameworks, were also recognized as vital steps to attract long-term investments.

However, the speakers acknowledged the significant capital requirements and lengthy timelines for energy infrastructure projects.

As one expert explained, “It takes a long time for investments to materialize—from engineering to commissioning.”

This underscores the importance of strategic partnerships between governments, international organizations, and private investors.

Companies like Schneider Electric have played a pivotal role in developing Nigeria’s energy infrastructure, providing the technology needed for microgrids and other solutions. The forum reiterated that while strong regulatory frameworks are necessary, real progress depends on the commitment of all stakeholders to collaborative efforts.

Another key highlight of the forum was the ongoing effort to shift the global narrative surrounding Africa. As one speaker noted, Africa is an integral player on the global stage, with businesses and innovators making significant contributions. The France-Nigeria partnership aims to amplify this role, emphasizing not just economic exchange but also the elevation of Africa’s presence in international markets.

Access Bank’s global presence in cities like Paris, New York, and Hong Kong was showcased as a key element in this effort. Their representation provides African businesses with platforms to access international markets and forge global partnerships. The bank is also developing a digital platform to bridge information gaps, enabling businesses across Africa to connect with international buyers and suppliers, fostering cross-border trade and investment.

The French Business Forum 2024 underscored the importance of strengthening the France-Nigeria partnership to build a sustainable and innovative future. From energy access to technology, infrastructure, and economic development, this collaboration offers immense potential for both nations.

As one speaker remarked, “Together, we can shape a brighter, more sustainable future for our countries and the world.” With Nigeria generating 60% of the ROI from France’s African investments, and with shared goals and strategic partnerships, the France-Nigeria relationship is set to grow, addressing immediate challenges while positioning both nations as global leaders in sustainable development.