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Nigeria & France Sign $475M Agreement On Key Projects.

Nigeria and France yesterday signed a number of agreement s on projects worth $475 million.

The agreements were signed in Abuja after a meeting between President Muhammadu Buhari and Fremch President Emmanuel Macron at the Presidential Villa.

The meeting also took far-reaching decisions on security and the economy.

The agreements centre on French assistance to the tune of $475 million for some projects in Lagos, Kano and Ogun states.

The Lagos deal is a letter of intent for the financing of urban mobility improvement project via a loan of $200 million. This will involve development of eight priority bus corridors connected to the Lagos mass transit network.

In Ogun State, a French firm in conjunction with the Nigeria Sovereign Investment Authority (NSIA), will mobilise from investors about $200 million for land reclamation to correct the massive degradation of arable land being witnessed in the state.

The project will reforest 108,000 hectares of depleting forest in the state, a plan which Governor Ibikunle Amosun described as vital to addressing climate change challenges, recreating the forest, and providing employment, among other benefits.

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

The concessional loan is expected to help Kano State government to provide drinking water for more people while improving the financial viability of the state water board.

Details of agreement include  AFD to support the urban mobility improvement programme of Lagos State by financing the equivalent in $200 million.

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About Olaniyi Apanpa (522 Articles)
Olaniyi Apanpa is a media practitioner and sports enthusiast. Contact at greenballmedia51@gmail.com

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