Interview with Moses Umoru, Director General of the France-Nigeria Chamber of Commerce

If you want to succeed, come and sell in Lagos

How would you describe the relationship between France and Nigeria?

Moses Umoru - It's a relationship that is both surprising and very strong. Nigeria is France's ninth largest trading partner and its largest partner in sub-Saharan Africa. In 2017, trade between the two countries was around 3.6 billion dollars and in 2018 it rose to 4.4 billion, a record despite the recession. It's a relationship that is growing and improving by the day. Crude oil accounts for more than 65% of our exports to France, and France supplies us in return with refined products, pharmaceuticals, electronics and agri-food. Following President Macron's visit in July 2018, there has been increased interest from French investors, with many companies preparing to prospect in different sectors, including agriculture. Relations are not just focused on the industrial or service sectors, but also on fashion and the cultural market. I think this is a strategic year for this relationship, with the launch of the new Alliance française. We hope it will be a hub for exchanges between French and Nigerian culture.

What interests French companies in the country and what obstacles do they encounter?

MR U. - French companies are particularly interested in the oil and gas sector. We have also seen investment in clean energy and increased interest in agriculture. Last year, around 12 French companies lined up to provide a technological solution to improve agricultural yields and to form partnerships with players in the agri-food sector. Nigeria is not a particular challenge for French investors, but for all investors. The country has gone from 187^e à 145^e place in the World Bank's "Ease of Doing Business" ranking. But there is still room for improvement when it comes to the ease of doing business, setting up a company, obtaining the necessary permits, registering, documenting legal papers, etc. Even obtaining basic infrastructure such as land has always been and remains complicated. And obtaining a visa on arrival for tourists and business people alike remains difficult. The Ease of Doing Business Committee, PEBEC, is working to change this situation to improve foreigners' access to Nigeria's business environment. The regulatory framework has already been considerably improved in areas such as regulating businesses in terms of paying taxes, obtaining permits and resolving solvency issues.

How is Lagos positioned in this business environment?

I think Lagos is the biggest market in the whole of Africa in terms of buyers and products. In Nigeria, we say that if you want to succeed, come and sell in Lagos. It's almost a slogan. Lagos is the main economic centre in Africa and the fifth largest economy on the continent. We have over 2,000 manufacturing companies in Lagos. We have 200 financial institutions. Nigeria's main seaport is based in Lagos. The population is also an asset when you look at this big market. You can really select the Lagos market by income bracket: you can target the most affluent part of the population, but there are also a number of median buyers. Road infrastructure remains a challenge, but Lagos is becoming a tourist destination for foreigners. Its coastline, for example, is a fantastic location.