Representatives of the minister in charge of foreign trade and attraction met with Nigerian vice president, local governors and businessmen in particular.
On April 13th (Tuesday) and April 14th (Wednesday), Franck Riester, the minister responsible for foreign trade and attraction, will promote the French project-by Emmanuel Macron ( Emmanuel Macron) Overview-Make Nigeria one of the privileged partners on the African continent. At the initiative of the French President, Nigerian President Muhammadu Buhari is one of ten African heads of state invited to attend the African Economic Financing Summit to be held in Paris on May 18.
In preparation for this visit, Mr. Rieste met Vice President Yemi Osimbajo in Abuja, the federal capital, and met with the local governor there. -Prove that France is not only interested in big cities. With a population of more than 200 million, Nigeria is France’s largest trading partner in sub-Saharan Africa and the fourth continent (after the Maghreb countries).
Before the crisis related to the Covid-19 pandemic aggravated the world economy, the trade volume between the two countries was an average of 4.5 billion U.S. dollars (approximately 3.8 billion euros) per year. According to the French minister, by 2020, this number will drop to US$2.3 billion. “Very optimistic about 2021 and 2022”.Of course, oil is still at the core of these deals-definitely the highest commodity France imports from Nigeria-but Paris now advocates “Global Policy” in order to “Strengthen Existence and influence” From France to Nigeria and Africa.
Therefore, part of the minister’s visit was dedicated to launching the second phase of the project, which brought together the French company Axens and the Nigerian group BUA to build a refinery in the southeast of the country. Mr. Rieste has accompanied France to sign the contract in France in early September. He met with BUA boss Abdul Samad Rabiu (Abdul Samad Rabiu) in Lagos.The businessman said that this multi-million dollar project can be “Three or Four Years”.
The future refinery will be located in Akwa Ibom State, with a daily production capacity of 200,000 barrels. Faced with declining demand in Nigeria, few public refineries in Nigeria are aging and poorly maintained. Currently, Africa’s largest crude oil producer is forced to import more than 90% of its gasoline each year.