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30/11/2021 News

Opportunities Abound in Nigeria – CFO says at French Week 2021

The Executive Director, Finance & Control/Chief Financial Officer, TotalEnergies Upstream Companies in Nigeria, Tai Oshisanya has invited investors to venture into the Nigerian market where “opportunities abound.”

Mrs Oshisanya spoke after a panel session with some Nigeria-based French business leaders at the 2021 French Week Economic Summit held at the Wheat Baker Hotel, Ikoyi, Lagos on Tuesday, November 23, 2021.

She said despite the huge potentials presented by the Nigerian market, investors were still worried about sundry issues including access to foreign exchange, infrastructure deficit and the knock-on effect on investor confidence.

“These companies want to be a part of and play a significant role in our economy – using the people and natural resources we have,” said the CFO.

Reacting to the deliberations and summation of the panel session comprising some representatives of French companies in Nigeria, Mrs. Oshisanya pointed out that, “they each gave an insight to the pain-point and proffered solutions. It’s not just about foreign exchange, it borders on economic stability, rail and road infrastructure, harnessing the benefits of single digital system, security and recognition as contributors to local content.”

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, who also spoke at the summit emphasised the Federal Government’s main achievements as well as the country's strengths, which attract investors.

He cited Nigeria’s population, its status as Africa's largest economy, two decades of civil rule, ratings as the most improved economy, and solid demographics as examples.

Earlier on Friday, November 19, 2021, TotalEnergies Country Chair, Mike Sangster; Deputy Managing Director, DW Asset, Victor Bandele; Executive Director, Strategy, Business & Asset Management, Abiodun Afolabi and Executive Director, Technical Services, Marc Geniteau participated at the Wine Tasting (Beaujolais Nouveau) held at the Cilantro Centre, Lagos to kick off this year’s French week.

The week-long event ended on Friday, November 26 at the Lagos Continental Hotel where a Gala Dinner/Awards Night was held.

Her Excellency, the Ambassador of France to Nigeria, Madame Emmanuelle Blatman expressed appreciation to participants for the large turn-out.

“I am very impressed. The Franco-Nigerian Chamber of Commerce and Industry (FNCCI) for 36 years has been the architect of our relationship,” she said. “More than 100 French companies are domiciled in Nigeria. The stock of French investment in Nigeria has doubled in the past 10 years with 60% of French investment in West Africa in Nigeria and Nigeria hosts 20% of the French investment in Africa.”

She added that 2021 has been a major year for France-Nigeria bilateral relations, pointing out that President Buhari was in Paris a few weeks ago on the invitation of President Emmanuel Macron, making it the second time this year alone.

The Executive Director, Technical Services, Marc Geniteau who also doubled as the Vice President of FNCCI gave an award to the Director General of the Chamber, Moses Umoren for exemplary services especially since the Coronavirus pandemic outbreak.

Among other staff that participated in the week-long activities were Executive General Manager, Field Operations, Philippe Derrien; General Manager Business Development, Gabriel Levasseur; UFR Package Control Manager, Catherine Lourdais and Head Public Relations, Irene Jerry-Iyoha among others.

The economic summit was part of the activities designed to mark the 2021 edition of the annual French week in Nigeria, with TotalEnergies Companies in Nigeria playing a significant role.