French firms invest near $10 billion in Nigeria – Envoy

The Consul General of France in Lagos, Ms Laurence Monmayrant, has said that Nigeria attracts 60 per cent of Foreign Direct Investments coming into West Africa from France.

This was disclosed during the closing-gong ceremony for the Franco-Nigerian Chamber of Commerce and Industry, in honour of the French Consul General in Lagos on Tuesday, which was held at the Nigerian Exchange Limited.

Monmayrant said, “We are very interested in the work because the stock exchange is a catalyst of attracting investments to Nigeria and this is really something we are working on also. Currently, the Franco-Nigerian chamber has over 400 members, and among them, are 100 French companies. Nigerian companies with a strong interest in France and this is really our job to foster these economic ties between France and Nigeria.

“France may not be the first country (that comes to) mind when it comes to business and investments in Nigeria but we have made a lot of progress and achievements. Our President, Emmanuel Macron, values the relationship with Nigeria. We have nearly $10bn invested from French companies in Nigeria and have grown over the last few years. Nigeria currently attracts 60 per cent of French Foreign Direct Investments in West Africa.”

In his remarks, the Divisional Head, Capital Markets, NGX, Jude Chiemeka, said that the Exchange is particularly interested in forging a relationship with the 100 French companies operating in Nigeria as the NGX is known to house over 153 listed companies and has 232 trillion license holders.

Chiemeka noted that the NGX sees itself as the African hub for corporates seeking to raise capital and for investors looking for investment instruments to help grow their wealth.

Monmayrant added that French companies would continue to show interest in Nigeria.
Credit Punch

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