France helps Nigeria with $475m of finance for development

5 Jul 18

France and Nigeria have signed agreements for $475m worth of financing to help the African country with its development.

These include a $200m loan for an urban mobility project and $200m for land reclamation and forestation.

France, through its foreign development agency, will also extend a credit facility of $75m towards improving the water supply in Kano city.

This will help the state government of Kano provide drinking water and improve the finances of the state water board to increase its revenues.

During the meeting between the French president Emmanuel Macron and Nigerian president Muhammadu Buhari in Abuja yesterday, the two also pledged to increase cooperation to tackle security challenges.

Although the French president, in a joint press briefing, also said that he was concerned about the response of African governments to the challenges posed by terrorists on the continent.

Macron said: “What is important to me is how the different African governments organise themselves to fight against terrorism and get rid of these people and especially, jihadism.

“We can fix the situation in the coming months and obviously France will remain present in Africa for as long as they want it.’’

Macron also called for more inclusive economic policies and human capital development in Africa at the press conference.

He said that an “inclusive economy, where you provide the way for your young people to get education [and] jobs” is extremely important”.

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