The Agence Française de Développement Group has committed about 2.5 billion Euros to Nigeria. The group has more than 50 projects underway in the country. The AFD Group CEO, Christophe Lecourtier, disclosed this during a visit to Lagos. He met with institutional and economic partners. The visit focused on vocational training, health, private sector support, infrastructure and health sovereignty.
AFD is France’s development finance institution. It has operated in Nigeria for years. It funds projects in infrastructure, health, education and climate. In 2023, it committed 100 million Euros to Lagos urban mobility. In 2024, it supported the health sector through Expertise France. The current visit expands its footprint. The creative industries are a new priority. The sector accounts for nearly two per cent of Nigeria’s GDP and provides more than four million jobs for young people.
Lecourtier signed two renewed agreements. The first was a $30 million loan with the Bank of Industry. The facility will finance businesses in the cultural and creative industries, including Nollywood and Afrobeats. The second was a $30 million loan from Proparco, AFD’s private sector subsidiary, to Sterling Bank. The facility will support renewable energy projects and small and medium-sized enterprises in agriculture, among others. It will also foster partnerships between Nigerian and French businesses.
Lecourtier also met the Chief Executive of the Nigeria Sovereign Investment Authority, Aminu Umar-Sadiq. They discussed investments to improve energy efficiency in the construction sector. He visited the ACETEL centre of excellence at the National Open University of Nigeria. The centre is co-financed by AFD and the World Bank. It focuses on vocational training and student employability.
Lecourtier met Finance Minister Taiwo Oyedele. They discussed priority sectors for forthcoming investments. These include human capital and sustainable infrastructure. He met Health Minister Muhammad Ali Pate. He reaffirmed AFD’s readiness to support universal health coverage. He highlighted Expertise France’s work on pharmaceutical value chains and health insurance. He visited the QUALIMEDS project and the Lagos Free Zone. He also met French business representatives.
Winners: Nigerian creative businesses, which gain access to finance. Nollywood and Afrobeats, which gain investment. Sterling Bank, which gains funding. BOI, which gains a partner. Renewable energy projects, which gain support. SMEs in agriculture, which gain finance. French businesses, which gain partnerships. Losers: Banks that do not partner with AFD. Creative businesses without access to the facility. Energy firms that rely on fossil fuels. No serious losers if the funds are deployed well.
Bottom Line: AFD committed €60 million. The creative industries gain funding. Renewable energy and SMEs gain support. The projects are welcome. The scale is small relative to need. The partnership is deepening. The funds must reach the ground.