Capital Market Can Solve Forex Scarcity Crisis and Create Wealth—Popoola


By Adedapo Adesanya

The federal government has called on French investors to take advantage of the country’s many resources and potential and invest in Nigeria.

This appeal was made by the Minister of Labor and Employment, Mr. Chris Ngige, while receiving the Ambassador of France to Nigeria, Mrs. Emmanuelle Blatmann, and other senior officials of the French Embassy. in Abuja.

The minister, in a statement by Mr. Charles Akpan, deputy director of press and public relations at the ministry, said that Nigeria wants more foreign direct investment (FDI) from France to create more business opportunities. employment in the country.

Mr. Ngige, while welcoming the amount of French investments already existing in Nigeria, called on France to do more, in order to stimulate employment in the country.

The minister, who attributed unemployment to the deteriorating security situation in the African region, said a lot of work needed to be done to get people employed.

He said more FDI from France would go a long way in tackling the devastating unemployment in Nigeria and the African region in general.

“I am delighted to see that your investment in Nigeria is worth 10 billion euros, but we need more. You see that unemployment is ravaging our region in Africa. We would be grateful if you would help us stabilize our region.

“We urge you to do more in agriculture, agribusiness, agricultural extension and fertilizer production.

“We need technical assistance to enable us to grow more cash crops. We need your help with vocational education like carpentry, welding, tiling, plumbing, textiles, baking and confectionery so that more Nigerians get jobs,” he said. .

Mr. Ngige pleaded for a French partnership with Nigerian universities in the field of vocational education, which remains Nigeria’s “low-hanging fruit” for achieving economic prosperity.

He called on the French Development Agency (AFD) to work with the Skills Development Directorate of the Ministry of Labor and Employment in the area of ​​vocational training.

Mr. Ngige expressed his joy to the President of France, Mr. Emmanuel Macron, for having informed President Muhammadu Buhari in writing of the warm welcome he extended to the delegation which had come to solicit the support of the candidate of France in the Director General of the International Labor Organization. (ILO).

He noted that the African Union (AU) had decided to field a common candidate, Gilbert Houngbo of Togo, but assured that if the AU candidate’s candidacy ran into any turmoil, Nigeria would not hesitate to support France.

Earlier, Ms. Blatmann said they came to seek more areas of cooperation with Nigeria in investment, education and skills training.

She said she brought her team to see how bilateral relations between Nigeria and France could be extended to the Ministry of Labor and Employment.

“Young people are our main target. Our president is a young person. He believes that the fortune of the African continent lies in the youth. He has lived in Lagos and Abuja.

“We have a political, cultural and consular presence in Nigeria. We have around 80 French companies that have invested here, employing over 10,000 Nigerians.

“We are engaged in educational training programs, job creation and as a result, we are participating in the economic growth of Nigeria.

“Our equity investment in Nigeria is worth around ten billion euros. This is far greater than all of our investments in all countries in French-speaking Africa.

She said, “France sees huge investment potentials in Nigeria and therefore wishes to participate in its economic development, adding that their investments in Nigeria cut across pharmaceuticals, insurance, agriculture and agribusiness.”

Ms. Blatmann said her country had implemented 25 projects worth about three billion euros in different states in Nigeria through the French Development Agency,

She said they were also in partnership with Tertiary Education Trust Fund (TETFUND) and Petroleum Development Trust Fund (PTDF) in the areas of vocational training and postgraduate scholarships for Nigerians respectively.

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