Nigeria, France Sign $475m Agreements

Nigeria & France yesterday in Abuja signed three (3) agreements worth US$475 Million on Social Amenities and Reforestation.

The agreements cover Urban Mobility Improvement Programme of Lagos State, sustainable water supply in Kano city and reforestation in Ogun.

President Muhammadu Buhari and the visiting French President Emmanuel Macron witnessed the signing of the agreements during their bilateral talks held at the Presidential Villa, Abuja.

The Lagos agreement involved a letter of intent for the financing of Urban Mobility Improvement Project through a loan of $200 Million.

The urban mobility project will involve development of eight priority bus corridors connected to the Lagos mass transit network.

In Ogun, a French Firm in conjunction with the Nigeria Sovereign Investment Authority is to mobilise from investors about $200 Million for land reclamation to correct the massive degradation of arable land being witnessed in the state.

Gov. Ibikunle Amosun, who spoke on the signed agreement, said the project aimed to reforest 108,000 hectares of depleting forest in Ogun.

Amosun, therefore, hailed the signing of the agreement, describing it as very vital to not only addressing climate change challenges and recreating the forest, but also providing employment to the people of the state, among other benefits.

France, through its Foreign Development Agency, Whence Francaise de Development (AFD), will also extend a credit facility of $75 Million towards improving water supply in Kano city.

The concessional 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.

Source: Daily Post

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