Nigeria-France Economic Ties Deepen Under Aigboje Aig-Imoukhuede’s Guidance
When he is not steering the operations of Nigeria’s largest commercial bank, Aigboje Aig-Imoukhuede, chairman of Access Holdings, devotes much of his time to shaping the country’s economic diplomacy abroad. His role often places him alongside President Bola Tinubu on high‑level visits to foreign capitals, where the duo pushes for stronger trade and investment links.
Most recently, Aig-Imoukhuede accompanied the president to the Africa Forward Summit in Nairobi, where Tinubu met French President Emmanuel Macron. The gathering highlighted a growing partnership: bilateral trade between Nigeria and France reached US $4.7 billion in 2025, making Nigeria France’s top trading partner in sub‑Saharan Africa and the region’s leading destination for French investment.
Strategic Partnership Highlights
Aig-Imoukhuede described France as a “truly strategic partner” for Nigeria, praising Macron’s leadership in fostering deep, impactful relations across the continent. He emphasized that the Nigeria‑France relationship stands out because capital flows in both directions—a contrast to many African‑European ties that remain heavily one‑sided.
“What sets our engagement apart is that Nigerian companies, including our biggest banks, are now investing more aggressively in French markets,” he noted. This reciprocity, he argued, reflects the success of Macron’s renewed push to strengthen economic ties with Africa and demonstrates tangible benefits for both sides.
Banking Sector Expansion
The growth of Nigerian banking presence in France illustrates this two‑way flow. First Bank of Nigeria opened a Paris branch in 2008 and remained the sole Nigerian lender in France for over a decade. Access Bank entered the market in 2023 through its British subsidiary, and Zenith Bank followed in 2024. Aig-Imoukhuede said more Nigerian banks are eager to establish a foothold in Paris, signaling confidence in the bilateral framework.
- First Bank of Nigeria – Paris branch since 2008
- Access Bank – Paris branch launched 2023 (via UK subsidiary)
- Zenith Bank – Paris branch launched 2024
Global Capital Competition and the Need for Action
Aig-Imoukhuede warned that the world is undergoing a profound reset driven by shifts in technology, supply chains, and geopolitical alliances. He believes Africa can emerge as a winner if leaders translate summit rhetoric into concrete action.
“Too many gatherings produce talk without tangible results,” he said. “I think action precedes talk, but we must keep the talk limited and focus on the steps that move us forward.”
At the Nairobi summit, Macron unveiled investment commitments worth €23 billion (approximately US $27 billion) targeting infrastructure, energy transition, agriculture, artificial intelligence, healthcare, and cultural‑creative industries. Aig-Imoukhuede stressed that the real test lies in how quickly these pledges can be disbursed.
He pointed out that global capital is becoming scarcer as advanced economies, especially the United States, retain liquidity to fund rapid AI expansion. This tightening makes competition for investment fiercer, underscoring the need for African nations to present compelling, bankable projects.
“Capital is fought over worldwide, and the struggle is intensifying,” Aig-Imoukhuede observed. “Many countries are turning inward to meet their own needs first, which reduces the pool available for external partners.”
By aligning with partners like France and focusing on executable projects, Nigeria hopes to attract the investment required to overcome long‑standing challenges in power, transport, and digital infrastructure—areas that are critical for sustained economic growth.
