Total French investment in Nigeria has hit the $4 billion mark exceeding the total investment of the United Kingdom in the country, but trails that of the United States slightly, Franco-Nigeria Chamber of Commerce and Industry (FNCCI) said yesterday.
The Chairman of FNCCI Marcel Hochet, who made the disclosure during a courtesy visit to THISDAY in Lagos to announce the beginning of the “French Week” said the huge French investment in Nigeria was a testimony of the immense confidence which both countries have in each other.“Over the years, investment by French enterprises in Nigeria has reached a total of about $4 billion, more than all of the rest of West Africa.”
Accordingly, in terms of investment in the country, France ranks behind the United States slightly and ahead of the United Kingdom,” the Chamber stated.
Hochet, who is also the Managing Director of Schneider Electric said the French Week will Kick off in Lagos on Friday, November 21 with the Beaujolais Nouveau while stressing that the enormity of the French investment in Nigeria is accounted for by the huge trade between the two countries.
He said there was a drop in the French-Nigeria trade volume in 2003 and 2004, but noted that it recovered in 2005 exceeding the 1 billion Euro mark. “Trade between the two countries reflects the significant presence of France in Nigeria.
Despite a drop in 2003 and 2004, French sales in Nigeria are covered energetically in 2005, exceeding for the first time, 1 billion Euros, attaining in fact, 1.057billion Euros,” he said.
The chamber stated that there has been analogouss surge of Nigerian sales in France, largely as a result of the rising oil prices and the noticeable increase of French purchases in Nigeria.
“In 2006, the volume of trade between Nigeria and France increased by a whooping 68 percent to about 2 billion Euros. For the first time in 2006, Nigeria became the first business partner of France in SubSaharan Africa ahead of South Africa, ”Highlighting some of the activities of the forthcoming French Week, Hochet said Beaujolais Nouveau, a feast to mark the release of the French new wine, isthe first event lined up for the week long celebration. He said the Beaujolais Nouveau would be followed on Saturday, November 22 with a film and cultural show at the Alliance Francaise and then on Sunday with a French Film Show /Cocktail at the City Mall.He said there will be the Gastronomie Week on Monday,Seminar on Energy, Wednesday, and a Gala Dinner on Friday. In Abuja the French week will hold an exhibition at the instance of the Ambassador of France to Nigeria and a Gala Dinner on Thursday November 27.
By Crusoe Osagie | This Day