The statement inaugurating the council
was signed in the presence of President Goodluck Jonathan and his French
counterpart, Francois Hollande, during the Nigeria-France Business
Forum on the sidelines of the Nigerian Centenary celebrations in Abuja.
Apart from doubling trade, the council
also has the mandate of increasing investment flows between both
countries by 50 per cent in the next four years.
The council will be co-chaired by the
Vice-Chairman of the Nigeria-France Chamber of Commerce and Chief
Executive Officer, Leadway Assurance Company Limited, Mr. Oye
Hassan-Odukale; and the Chief Executive Officer and Chairman of PAI, Mr.
Lionel Zinsou.
Jonathan and Hollande also witnessed the
signing of a Memorandum of Understanding on a $170m power financing
deal between the Ministry of Finance and the Agence Francaise
Developpement; and another for the construction of a 13-megawatt solar
power plant between the Osun State Government and Vergnet Groupe.
Jonathan encouraged French companies to
invest in Nigeria in order to cement the ongoing favourable trade and
investment relationship between both countries, noting that the people
of France, under the leadership of Hollande, had shown an unprecedented
level of commitment to Africa.
He said, “Nigeria has come of age
economically and this is the time to invest. We have made significant
progress in our political, social and economic development.
“I always say that Nigeria’s economic
transformation will be the strongest legacy of our generation, which is
why we have invited all you investors here today. A strong Nigerian
economy will create wealth, improve living standards and ensure a stable
political and social environment.
“This is why my focus, since this
administration assumed office in 2011, has been to fundamentally
restructure and diversify the Nigerian economy to ensure sustained
growth and create jobs for our teeming youths.”
The President noted that this was
Africa’s century, adding that over the last 100 years, the French people
and businesses had always been engrained in the Nigerian story.
Hollande, who pledged increased
investment by French companies in Nigeria, said his country was
committed to boosting the strategic partnership between both countries.
He said, “We have set a goal of
increasing our market share in Nigeria. Three of our companies
contribute about 15,000 jobs in Nigeria but we have to invest more in
the country.
“We must step up our efforts in the area
of training by our companies for Nigerian employees and increase
investment because Nigeria is a great country.”
The Minister of Industry, Trade and
Investment, Mr. Olusegun Aganga, said the Nigerian consumer market was
worth over $100bn and growing fast as the purchasing power of the
citizens continued to rise.
He said, “Trade between Nigeria and
France grew from N550bn in 2008 to well over N1tn in 2012; one of the
fastest growth rates we have seen with any one of our trading partners.
“For decades, France has believed in the
potential of Nigeria; but more importantly, France has backed up its
belief with real actions. This is because when the French believe, they
invest.
“This is why the Nigeria-France business
relationship is central to our economic agenda; and this is why we have
organised this forum here today.”
The Minister of Finance, Dr. Ngozi
Okonjo-Iweala, who gave an overview of the Nigerian economy during the
event, said the government had put in place a lot of incentives to
encourage investors.
She, however, regretted that while the
economy was growing at about seven per cent per annum, the growth had
not impacted significantly on job creation.
The minister urged French investors to
invest in sectors that would not only guarantee maximum returns on
investments, but also contribute significantly to creating what she
described as modern jobs.
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