…Carrefour, Accor expand presence as bilateral trade hits $4.7b
French companies are expanding their investments in Nigeria’s consumer market, hospitality and agribusiness sectors, as businesses from both countries deepen commercial ties and explore new growth opportunities.
Retail giant Carrefour and hospitality group Accor are among the French brands expanding their Nigerian presence, while Nigerian agribusinesses are also strengthening their operations in France through investments in coffee production, cassava processing, animal feed and agro-industrial trade.
The developments come as bilateral trade between Nigeria and France reached $4.7 billion in 2025, with France’s foreign direct investment stock in Nigeria standing at €8.1 billion in the same year.
The Consul General of France in Lagos, Laurent Favier, disclosed this ahead of the 2026 French Week, saying the growing relationship reflected a shift from diplomatic intentions to concrete business transactions, supported by engagement between both governments and private-sector organisations.
He described Nigeria as France’s leading trading partner in sub-Saharan Africa, adding that more than 100 French companies currently operate in Nigeria across pharmaceuticals, agriculture, insurance, logistics, transport, infrastructure and hospitality, generating approximately 14,000 direct local jobs.
Favier said French companies, including TotalEnergies, CMA CGM, SPIE, Schneider Electric and Danone, continued to expand their Nigerian operations, while newer commercial developments were extending bilateral engagement into retail, hospitality and entertainment.
Canal+ has also strengthened its position in the entertainment industry through its acquisition strategy involving MultiChoice, further expanding French commercial interests in Nigeria’s consumer-facing sectors.
According to Favier, the investments reflect the opportunities available to French businesses in Nigeria’s large consumer market, while Nigerian companies are increasingly exploring access to French investors and European markets.
President of the Franco-Nigerian Chamber of Commerce and Industry (FNCCI), Guillaume Niarfeix, said the chamber was working to convert growing business interest into concrete partnerships and investment opportunities.
He spoke ahead of the week-long French Week, scheduled to hold in Lagos from October 29 to November 6, 2026. The programme, described by the chamber as Nigeria’s largest C-level business networking event, is expected to connect business leaders, investors and policymakers.
Agribusiness is emerging as another area of expanding commercial cooperation. Favier said Nigerian companies JR Farms and Babafood had established operations in France involving coffee production and exports, animal feed, cassava processing and the import-export of agro-industrial products.
He added that Flour Mills of Nigeria Group had expressed interest in developing its presence in the French market, signalling further opportunities for Nigerian businesses seeking to expand into Europe.
To support the expansion of agricultural trade, Nigeria participated in France’s International Agriculture Show in 2026, marking its second appearance at the event after the 2024 edition.
Both countries have also established the Franco-Nigerian Agri-Business Club to encourage collaboration across the agrifood value chain.
The platform is expected to attract French agribusiness investors to support local capacity building, agricultural mechanisation and agro-processing, while helping reduce post-harvest losses and create growth opportunities for Nigerian agricultural producers.
Beyond consumer goods, hospitality and agriculture, French investments are also extending across energy, transport and logistics infrastructure.
Favier cited agreements concerning the development of the Gateway Deep Sea Port and the adjoining Ogun State Blue Marine Special Economic Zone as examples of expanding economic cooperation. The agreements were advanced in Paris in September 2026 in the presence of President Bola Tinubu, as both countries sought to attract investment and strengthen commercial links.
In the energy sector, Niarfeix highlighted TotalEnergies’ 2024 final investment decision with the Nigerian National Petroleum Company (NNPC) on the Ubeta gas field, which is expected to supply gas to Nigeria LNG’s Train 7 project. He also referenced the more recent IMA project as part of continuing investment activity.
In Lagos, the Omi Eko project is expected to introduce 75 electric ferries, upgrade 25 terminals and establish 15 routes covering 140 kilometres of waterways.
The project is receiving support from France through the French Development Agency (AFD), alongside the European Union and the European Investment Bank. It is expected to improve urban mobility and expand water transportation in Lagos.
Niarfeix also cited the Lekki Deep Sea Port, where CMA CGM has agreed to operate the container terminal. The port has a 14-metre draft and an annual handling capacity of 2.5 million twenty-foot equivalent units (TEUs), positioning it as a major logistics asset for international trade.
Meanwhile, Nigerian financial institutions are strengthening their presence in France, providing another channel for commercial cooperation.
Favier said Access Bank had opened a French Desk in Paris, while Zenith Bank, United Bank for Africa and First Bank of Nigeria had established a presence in the country.
Technology is also creating new opportunities for Nigerian businesses in the French market. Favier said GecX60, an Internet of Things start-up, had established a research and development centre within the Orange Group incubator in Blagnac, France.
Convexity, a consultancy specialising in blockchain and payment solutions for non-governmental organisations, is also preparing to establish its first European office in Paris.
Beyond attracting French investment into Nigeria, Niarfeix said the FNCCI was facilitating Nigerian businesses’ access to French investors and institutions.
Earlier this year, the chamber extended its activities beyond Lagos through its first Executive Paris Leadership Training Programme and Business Mission, connecting Nigerian executives with French investors, institutions and policymakers.
Niarfeix commended the Federal Government for its ongoing reforms and efforts to improve the ease of doing business, saying the measures were providing a firmer foundation for domestic and foreign investment.
He said French companies increasingly regarded Nigeria as a strategic economic partner rather than simply a market for their products and services.
The 2026 French Week is expected to showcase existing investments, strengthen business-to-business engagement and identify new opportunities across consumer markets, hospitality, agribusiness, infrastructure and technology.
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Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers.
She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay.
She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos.
As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender.
She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies.
Ifeoma is a one-time winner of the
prestigious Nigeria Media Merit Award under the ‘Aviation Writer of the Year’ Category.
She is the 2025 Eloy Award winner under the Print Media Journalist category.
She has undergone several journalism trainings by various prestigious organisations.
Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.
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