France has expressed readiness to support Lagos state government in its Mega City agenda through the commitment of €200 million (N83.7 billion) to set up an efficient public transportation system in the state.
The country’s Secretary of State to the Ministry of Economy and Finance, Mrs. Delphine Geny-Stephann, made this know during the France-Nigeria Business Forum held in Lagos as part of the activities during the visit of the President of France, Emmanuel Macron, to Nigeria.
According to her, the building of sustainable cities remains a major challenge in many cities across Africa of which Lagos is inclusive.
“Lagos happened to be one the most populated city on the continent and embodies the challenges, the difficulties but also the huge opportunities of African cities. €200 million will soon come to help setting up an efficient public transportation system in Lagos. But this will not be enough, so we need the help of the private sector, and our companies are ready to offer their help and expertise,” Geny-Stephann said.
She noted that the relationship between France and Nigeria was nowhere near what it should be, given the importance of Nigeria as an emerging power.
“The variations in the price of oil are not a sufficient explanation. Sure, French investments in Nigeria have developed. But for 80 percent of them, they only come from the extracting sector. We have to address this challenge together, both in France and Nigeria. There is something else we have to admit which is a distorted image of one another. In France, Nigeria is too quickly associated with violence, corruption and seen as a place where business is difficult. This is not an accurate vision,” she added.
On her part, the Executive Secretary of the Nigerian Investment Promotion Commission, Ms. Yewande Sadiku said that the economic recovery growth plan is expected to lead to the growth of the nation’s economy.
“Nigeria remains a good destination for investment in Africa and we are improving the business environment on a daily basis and going to ensure that France investment in Nigeria is win-win affair,” she said.
