Nigeria, France sign agreement worth $475 million for different projects

Nigeria, France sign agreement worth $475 million for different projects

- Nigeria and France have signed an agreement for the implementation of different projects valued at $475 million

- The agreements were signed by Presidents Muhammadu Buhari and Emmanuel Macron to carry out projects in Lagos, Kano and Ogun

- Both leaders also agreed to strengthen economic, sporting and cultural ties between their countries

Nigeria and France on Tuesday, July 3, after a bilateral meeting in Abuja signed agreements at the cost of $475 million to carry out projects in Lagos, Kano and Ogun states.

NAIJ.com gathered that the agreements which were signed by Presidents Muhammadu Buhari and Emmanuel Macron involve the development of eight priority bus corridors connected to the Lagos mass transit network.

The agreement with respect to Lagos state, is a letter of intent for the financing of urban mobility improvement project via a loan of $200 million, Premium Times reports.

In Ogun state, a French firm will in conjunction with the Nigeria Sovereign Investment Authority (NSIA), mobilise from investors about another $200 million for land reclamation to correct the massive degradation of arable land being witnessed in the state. It also aims to reforest 108,000 hectares of depleting forest in Ogun state.

READ ALSO: French President Emmanuel Macron visits Lagos state, tours New Afrika Shrine (photos)

Governor Ibikunle Amosun said the project was very vital not only in addressing climate change challenges and recreating the forest, but also in providing employment to the people of the state.

France will through its foreign development agency, Whence Francaise de Development (AFD), also extend a credit facility of $75 million towards improving water supply in Kano.

The loan is expected to help Kano state government ensure more residents of the city have access to drinking water while improving the financial viability of the state water board to increase its revenues.

Both leaders also agreed to strengthen economic, sporting and cultural ties between their countries; as well as encourage youth empowerment in a bid to check poverty that causes many of the social vices rearing their heads.

Buhari said the discussion centered on security in the Sahel and economic integration. He said they both talked about inter-basin transfer for Lake Chad.

The president also said one of the reasons he toured the neighbouring countries on assumption of office, which are all ex-French colonies, was because “it makes sense and cheaper to maintain security”.

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Buhari also thanked the French President for his support on the fight against corruption, saying: “I am grateful to the French President for commitment and understanding as it concerns Nigeria and this region.”

NAIJ.com previously reported that President Muhammadu Buhari received French President Emmanuel Macron to the State House, Abuja on Tuesday, July 3.

President Macron is on a 2-Day official visit to Nigeria. He was welcomed by top government officials who stood by to shake hands with him at the Presidential Villa in Abuja.

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Source: Naija.ng

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