Onome Amuge

Nigeria’s push to reposition itself amid shifting global investment flows gained momentum at the 2025 French Week Economic Summit in Lagos, where both countries committed to strengthening Franco–Nigerian ties by backing practical, investment-ready projects in sustainability, urban transformation, and financial innovation

Held at Access Towers, the headquarters of Access Bank, the third edition of the Summit convened senior government officials, CEOs of multinational groups, diplomats, and industry stakeholders. Discussions underscored the rising urgency to accelerate bilateral investments, mobilise private capital, and execute projects capable of lifting incomes, improving infrastructure, and unlocking new sectors of growth.

Delivering the welcome address on behalf of Aigboje Aig-Imoukhuede, president of the France–Nigeria Business Council (FNBC) and chairman of Access Holdings Plc, Group CEO Innocent Ike noted that Franco–Nigerian commercial relations had entered a new phase defined by practical partnerships, strategic investment and private-sector leadership.

Created in 2019 at the behest of French President Emmanuel Macron, the FNBC has become one of the most active bilateral business councils on the continent, with priorities spanning energy, infrastructure, digital innovation and cultural exchange. Aig-Imoukhuede, in his remarks, emphasised that the organisation’s mission has matured into a platform for “deepening partnerships guided by innovation, sustainability, and inclusion.”

He pointed to two flagship collaborations: the AGORA Project — a France–Africa initiative reimagining urban sustainability through green mobility and digital ecosystems; and the Omi Eko Initiative, a major environmental restoration effort targeting the Lagos Lagoon.

Omi Eko: environmental renewal as economic stimulus

The Omi Eko programme, involving the Lagos State Government, French technical partners, and Nigerian private institutions, is emerging as a model for how climate-focused projects can also serve as engines for economic renewal.

According to Aig-Imoukhuede, the initiative is expected to cut 31,000 tonnes of carbon emissions annually, mobilise more than €60 million (N100 billion) in green-infrastructure finance, and create over 2,000 jobs across recycling, renewable energy, and eco-tourism. He described the project as “a powerful case study for how environmental restoration can become a catalyst for broad-based economic opportunity.”

The environmental theme resonated throughout the summit, as executives from both countries increasingly view climate financing as one of the most investable frontiers for bilateral cooperation.

Lagos positions itself for global finance

One of the most consequential announcements came from Folashade Ambrose-Medebem, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, who disclosed the ongoing development of the Lagos International Financial Centre (LIFC). Framed as a transformative step for West Africa’s financial architecture, the LIFC aims to attract multinational banks, investment funds, fintech innovators, and global capital flows.

“This will serve as a strong platform for global investors, innovators, and businesses to converge,” Ambrose-Medebem said, adding that the first formal milestones of the project would be unveiled by next year.

France backs Lagos’ push for green urban transformation

Ambrose-Medebem also highlighted ongoing Franco–Nigerian collaboration in the city’s broader infrastructure transition. This includes the €410 million initiative to modernise Lagos’ water transport system using electric ferries designed to cut pollution, improve mobility, and reduce road congestion.

French technical partners, long active in Nigeria’s power, urban mobility and water-management sectors, have been instrumental in shaping the project’s engineering and financing structures. France remains one of Nigeria’s most consistent development and investment partners in West Africa’s infrastructure space.

Creative economy emerges as a new frontier

Beyond infrastructure and climate, Aig-Imoukhuede spotlighted the creative sector as an underappreciated, high-growth segment capable of deepening bilateral ties. He pointed to cultural collaborations such as Creation Africa and the Tate Modern’s “Nigeria Modernism” exhibition — both of which amplify Nigerian art, film, and design on a global stage.

He argued that investors should view the creative economy not just as cultural expression, but as a legitimate export industry with the potential to generate foreign exchange and project Nigeria’s global influence.

Despite the optimism, both French and Nigerian speakers stressed the importance of moving from conversation to action. Aig-Imoukhuede urged participants to deliver “measurable milestones” that strengthen both countries’ economic resilience.

He reaffirmed the commitment of the FNBC, the Franco–Nigerian Chamber of Commerce and Industry, and Access Holdings Plc to drive long-term cooperation, emphasising that sustained partnership could unlock stronger trade flows, expanded investment, and shared prosperity.