In this interview conducted by Evelyn George for the African CEO Magazine, Umoru talks about Franco-Nigeria relations, background work of the chamber, membership benefits, the challenges their members face, and what he thinks are some of the solutions to these challenges, especially for the growth of the private sector in Nigeria.
Why do you think companies should join the Franco-Nigerian Chamber of Commerce?
Joining the Chamber facilitates access to a dynamic and powerful business network of over 400 French and Nigerian companies across various sectors, enhancing business growth and development. This network provides a platform to exchange ideas and collaborate with potential business partners, gain market insights and expertise through access to information and industry updates, benefit from advocacy and representation before government and non-governmental agencies, and connect with key decision-makers and industry leaders.
What are some of the benefits you provide your members?
Our members enjoy a range of benefits, including access to business information and market intelligence, networking opportunities through events and conferences, business support services such as trade missions and delegations, advocacy and representation before government and regulatory bodies, and visibility and promotion through various communication channels. Additionally, as a member of CCI France International, we provide access to a vast network of over 34,000 members in 118 countries, further enhancing international business connections.
As DG/CEO, what are your top priorities?
Impact and impact only. As the DG of the Chamber, my goal is to create a very active business ecosystem for French and Nigerian companies to create exchanges thereby advancing trade between both countries. I also understand that the future of trade in both countries lies in the startup ecosystem. The FNCCI today remains the only bi-lateral chamber to have a membership category for young business owners based in Nigeria and France.
What advantages do French companies bring to the Nigerian economy?
French companies bring expertise, technology transfer, job creation, and investments across various sectors, fostering economic diversification and sustainable development in Nigeria. They contribute to skill development, knowledge transfer, and the overall enhancement of Nigeria’s business landscape. Additionally, they provide investment capital and financing to support local businesses and development projects, create jobs and promote skills development through technology transfer and training programs, and increase efficiency and productivity in various sectors by introducing best practices and innovative solutions. Brands like TotalEnergies remain the biggest investor in the Nigerian oil and gas sector, creating jobs and engaging in various developmental support projects, Danone (Fanmilk), through the backward integration drive for dairy milk has invested in training local farmers for milk production locally. Engie is providing off-grid solar to many households the North of Nigeria, SPIE, created a training academy for engineers in the south of Nigeria to train staff thereby supporting local content.
In your opinion how is the Nigerian government helping foreign investors, like your members for example, in doing business, maximizing profits and adding value to the Nigerian economy?
The Nigerian government has implemented various initiatives to attract and support foreign investors, including investment-friendly policies, infrastructure development projects, and incentives for key sectors. The provisions in the Petroleum Industry Act and Gas master plan have opened investment areas for FDI’s into Nigeria. The CBN of late has cleared the backlog of FX obligations for international firms which has been a problem for the past few years. We are seeing regulations from the fiscal side to eliminate multiple taxes and create clarity in the tax system in Nigeria, among others. investors.
What added-values, products and services do Nigerian companies provide for the France’s economy?
Nigerian companies contribute to France’s economy through trade partnerships, investment opportunities, and the export of goods and services, offering unique products such as agricultural commodities, energy resources, and specialized services, which enhance France’s market diversity and competitiveness. They provide added-values including access to a large and growing market with a young and dynamic population, sourcing of raw materials and resources not readily available in France, investment opportunities in various sectors with high growth potential, and collaboration and partnership opportunities for French companies to expand their reach into Africa. Today we have the presence of 2 major Nigerian banks in France (UBA and Access) and potentially have a 3rd, Zenith in a few months. This is to ensure smooth trade exchange between both countries and ease of payments. For the first time, the
What are some of the major challenges the private sector in Nigeria is undergoing? And what do you think are some of the solutions to address these challenges?
Some major challenges faced by the private sector in Nigeria include infrastructure deficits, particularly in power and transportation, access to financing, especially for small and medium-sized enterprises (SMEs), security concerns, and political instability, as well as multiple regulatory agencies and complex compliance requirements.
Members face challenges such as regulatory complexities, market entry barriers, and access to finance, including navigating complex regulations and bureaucratic processes, accessing financing and foreign exchange, addressing infrastructure limitations and logistics challenges, and adapting to the evolving business environment. The FNCCI helps members by providing guidance and support on navigating regulations and procedures, advocating for policy changes that improve the business environment, facilitating access to financing and networking opportunities, and organising events and conferences to equip members with relevant skills and knowledge.
Possible solutions entail collaborative efforts between the government and private stakeholders, including increased investment in infrastructure development by both sectors, the development of financial instruments and initiatives to support SMEs, improved security measures and good governance practices, and the streamlining of regulatory processes and harmonization of standards.
How would you describe your relationship with other bilateral chambers, for example, those from other European countries, across Nigeria?
The FNCCI maintains positive relationships with other bilateral chambers, fostering collaboration and information exchange to promote mutual interests and facilitate cross-border business opportunities. We engage in joint initiatives, events, and advocacy efforts to strengthen economic ties between Nigeria and other European countries. We recognize the value of working together to advocate for a more conducive business environment for all foreign investors in Nigeria, share best practices and resources to support our respective members, and organize joint events and initiatives to promote trade and investment opportunities across different countries.
What would you tell a want-to-be investor thinking of investing in Nigeria?
Nigeria offers abundant investment opportunities across diverse sectors, supported by a growing market, demographic dividends, and favorable investment policies. However, thorough market research, risk assessment, and strategic partnerships are crucial for successful investments in Nigeria.
I would tell a potential investor in Nigeria:
For a potential investor considering Nigeria:
- Nigeria offers significant potential due to its large and growing market, abundant resources, and young population.
- Challenges exist, including infrastructure limitations, access to financing, and regulatory complexities. However, the government is implementing reforms to address these issues.
- Conduct thorough due diligence and seek professional advice before investing to mitigate risks and maximize returns.
- The FNCCI can be a valuable resource to learn more about the business environment, connect with potential partners, and navigate challenges effectively.
What were some of your activities as a chamber during or in response to COVID-19? And how successful were they?
During the COVID-19 pandemic, the FNCCI undertook several activities to support its members, including creating a blog to have the services of members listed for free, providing regular updates and information on government regulations, organizing webinars and online workshops on adapting business operations to the new normal, facilitating virtual networking opportunities to help companies connect and share experiences, and advocating for policies to support economic recovery and mitigate the impact on businesses. These activities were generally well-received by members, as they provided valuable information, resources, and a sense of community during a challenging time.
What would you love to read about the chamber but you haven’t seen or read yet, either in print or online?
We appreciate coverage on our innovative initiatives, success stories of member collaborations, and impactful contributions to fostering Franco-Nigerian economic relations. Additionally, insights into future plans and strategic priorities of the Chamber would be of interest. We would love to read a comprehensive case study highlighting the success stories of FNCCI members. This would showcase how the chamber has facilitated business growth, fostered partnerships, and contributed to the economic development of both France and Nigeria.
Where do you see the Franco-Nigeria Chamber of Commerce in the next five years?
Over the next five years, I envision the Chamber as a leading organization promoting trade and investment between France and Nigeria, with an even larger and more influential network of companies from both countries, serving as a key resource center providing comprehensive support services and market intelligence to its members, and being a strong advocate for improving the business environment and fostering closer economic ties between France and Nigeria.
Finally, where do you see the Franco-Nigerian relation in the next five years?
I believe that Franco-Nigerian relations will continue to strengthen in the next five years due to several factors: increased economic cooperation driven by growing trade and investment flows, enhanced partnership in addressing common challenges like climate change and security, closer cultural and educational exchange promoting mutual understanding and appreciation, and stronger diplomatic and political ties between the two countries. The FNCCI is committed to playing a significant role in facilitating this positive development in Franco-Nigerian relation.
French 
English