Idris Woos French Investors, Says Tinubu Has Reversed Nigeria’s Fiscal Trajectory in 20 Months

Olawale Ajimotokan in Abuja

The federal government said the President Bola Tinubu administration had in just 20 months reversed Nigeria’s fiscal trajectory, recording 3.84 per cent GDP growth in Q1 2024, boosting revenue by over 20 per cent, and significantly lowering the proportion of revenues spent on debt servicing.

Minister of Information and National Orientation, Mohammed Idris, made the compelling pitch to French investors yesterday at the Nigeria Business Forum in Paris.

Idris, who affirmed Nigeria’s commitment to fostering deeper economic ties with France, highlighted Nigeria’s ambitious economic reforms, dynamic market potential, and investor-friendly environment as part of the administration’s push to attract sustained foreign direct investment.

Business France organised the event, which was attended by over 200 French companies in 2023.

The minister acknowledged the long-standing partnership of French firms operating in Nigeria, including TotalEnergies, Lafarge, Peugeot, Danone, Alstom, Schneider Electric, among others. He lauded their contributions across key sectors, such as energy, infrastructure, agriculture, healthcare, and manufacturing.

Idris stated that Nigeria was undergoing an “unprecedented journey of reform,” driven by the Renewed Hope Agenda – an eight-point strategic plan aimed at unlocking the country’s vast economic potential under the stewardship of President Bola Tinubu.

He stated, “These historic reforms are building a more competitive, transparent, and investor-friendly economy, positioning Nigeria as the gateway to Africa’s booming consumer market under the African Continental Free Trade Area (AfCFTA).”

Some of the key reforms he highlighted included unification and stabilisation of the foreign exchange regime, phasing out of fuel subsidies to curb leakages, and boosting of development funding and cost-reflective electricity tariffs to ensure sustainability.

Others included tax reforms to promote transparency and ease of doing business, legislative and fiscal measures to support private-sector-led growth, trade facilitation through the national single window, and digital reforms, including Immigration and border policy reforms to streamline movement and trade.

Idris highlighted Nigeria’s status as Africa’s largest economy, with a population exceeding 220 million – over 70 per cent of whom are under the age of 35 – and more than 26 years of uninterrupted democratic governance, fostering political stability and institutional continuity as its unique investment appeal.

He assured investors of a well-regulated, rule-of-law-based economy, supported by strong institutions, such as Central Bank of Nigeria (CBN), Nigerian Investment Promotion Commission (NIPC), Securities and Exchange Commission (SEC), and Federal Competition and Consumer Protection Commission (FCCPC).

He said, “The government is acting as a catalyst for private sector growth through strategic initiatives, like the Renewed Hope Infrastructure Development Fund (RHIDF), the Nigerian Consumer Credit Corporation (CrediCorp), the Presidential CNG Initiative, the MOFI Real Estate Investment Fund (MREIF), and several others.

“These initiatives are laying the foundation for leveraging trillions of naira in private sector investments across infrastructure, consumer credit, healthcare, real estate, and beyond.”

The minister invited French companies to explore new opportunities in Nigeria’s livestock sector, where the newly established Ministry for Livestock Development presented fresh avenues for partnership.