Two of the Nigeria banking giants, United Bank for Africa (UBA) and Zenith Bank, have officially expanded their operations to France. The groundbreaking announcements were made during President Bola Ahmed Tinubu’s high-profile state visit to Paris, which culminated in strategic agreements aimed at bolstering Nigeria’s economic standing on the global stage.
UBA Chairman Tony Elumelu and France’s Minister of Economy, Finance, and Industry, Antoine Armand, signed an agreement for UBA to commence operations in Paris. Not to be outdone, Zenith Bank also inaugurated its services in the French capital, a development confirmed by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
The agreements were sealed at a prestigious economic forum held at the iconic Palais des Elysée, attended by influential business leaders, captains of industry, governors, and top officials from both countries. The forum underscored Nigeria’s commitment to fostering international partnerships to drive critical development projects and spur economic growth.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Antoine Armand further cemented the bilateral relationship by signing a Letter of Intent. This agreement, worth over €300 million, aims to fund transformative projects across Nigeria’s geopolitical zones, including infrastructure, healthcare, transportation, agriculture, renewable energy, and human capital development.
According to the document signed by both parties, the two nations pledged to deepen their strategic partnership by eliminating fiscal barriers, enhancing trade, and safeguarding labor rights. The collaboration also highlights a shared vision for economic progress through sustainable investments and technical assistance programs.
In another landmark development, Wale Edun and Remi Rioux, the CEO of the French Development Agency (AFD), signed an additional Letter of Intent to support Nigeria’s Renewed Hope Agenda. This reform agenda focuses on revitalizing the economy through investments in urban infrastructure, STEM education, food security, and sustainable agriculture.
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The AFD reaffirmed its commitment to long-term collaboration with Nigeria, pledging financial backing for agro-logistic hubs and MSMEs in high-impact sectors. The agency also emphasized its role in advancing energy access, infrastructure development, and human capital growth, aligning with Nigeria’s vision for inclusive prosperity.
The agreements mark a pivotal moment in Nigeria-France relations, showcasing Nigeria’s ambition to attract international investment and accelerate its development goals. The Federal Government, led by President Tinubu, has vowed to expedite the implementation of these projects, ensuring they deliver tangible benefits to Nigerians.
With UBA and Zenith Bank setting up shop in Paris and a slew of multimillion-euro projects on the horizon, Nigeria is making bold strides toward global economic integration. This is not just a diplomatic win—it’s a testament to Nigeria’s potential to reshape its economic destiny.
