Haven't oil revenues had a negative impact on the country?
Simon de Latour - For a long time, oil masked a lack of competitiveness in other sectors. But Nigeria now has a real desire to diversify its economy. From a state-run, socialist model at the time of the military regime, the country is now liberal. After the telecoms sector, the electricity sector has just been privatised and sold to local financial groups. The banking sector has been cleaned up and investment capacity is strong. It is estimated that 600 billion euros are sitting in the banks.
Will this investment benefit the industrial sector?
S. de L. - Without energy, there is no plant. Actual production stands at 4,000 megawatts, when 45,000 megawatts are needed! But the industrial sector is gradually picking up. The government has taken protectionist measures to encourage local production. There is also a desire to revive the automotive sector locally through tax breaks and subsidies, while at the same time customs duties on imports of new vehicles have been raised from 50% to 70%. Peugeot makes no secret of its desire to return to production here.
Is France well placed to benefit from this boom?
S. de L. - Today, French companies and diplomats alike have realised that the future lies in English-speaking Africa - Nigeria, Ghana, Angola and Kenya. The prospects are vast in terms of both industry and consumer products. But for SMEs, the entry ticket is very high. The Nigerians know that everyone is looking to invest in the country, and they are playing the competition card. Business takes a long time, one to two years. So you need to have a very precise project.
