President Bola Ahmed Tinubu during his recent state visit to France sought to solidify business relations between Nigeria and France by offering incentives for French companies to invest in Nigeria.
President Tinubu had stated Nigeria was ready to welcome French investors in an ‘easy in, easy out’ manner. This means French companies already operating in Nigeria would stand a better chance of solidifying their presence in Nigeria.
Here are the top twelve French companies operating in Nigeria:
Total Energies
Total Energies is a major player in Nigeria’s petroleum industry. The company began operations in Nigeria in 1956 rapidly becoming a major player in Nigeria’s onshore and offshore oil and gas exploration, production, natural gas liquefaction, and marketing of petroleum products.
Total Energies currently operates about 570 service stations in Nigeria for the retail of petroleum products. This service station is to help the government meet the mandate of getting petroleum products across to as many members of the population as possible.
In December 2023, TotalEnergies announced plans to invest $6 billion over several years in Nigeria’s oil and energy sector, focusing on gas and offshore projects. The company also currently employs more than 1800 members of staff nationwide.
Over the past years, the company has invested in Nigeria’s oil and gas sector through projects like the Ubeta gas development project to supply Nigeria’s LNG liquefaction plant to aid gas supply across Nigeria.
Lafarge Africa Plc
Lafarge Africa, a subsidiary of the Holcim Group, Lafarge Africa is a leading player in Nigeria’s building materials industry. The company manufactures and distributes cement, aggregates, and ready-mix concrete, serving construction needs across the country.
Swiss Pharma Nigeria Limited (Swipha)
Swipha is a subsidiary of Servier, a French pharmaceutical company, which acquired Swipha in 2017. The company engages in the production and distribution of Anti-malaria, anti-infectives, anti-diabetes, CNS, and cardiovascular drugs with over thirty brands to its credit.
In 2008, Swipha became the first pharmaceutical company in Nigeria to obtain ISO 9001 certification and in 2014 again became the first company in West Africa to obtain WHO GMP certification. Examples of Swipha’s products include drugs like Arenax Plus Forte and Arenax Plus.
AXA Mansard Insurance
AXA Mansard is a member of the AXA Group, the worldwide leader in insurance and asset management, with 147,000 employees and distributors serving 94 million clients in 51 countries.
In Nigeria, AXA Mansard Insurance plc was incorporated in 1989 as a private limited liability company registered with the National Insurance Commission (NAICOM).
The company was listed on the Nigeria Stock Exchange in November 2009 and currently boasts the highest market capitalization in the Insurance sector of the Exchange. The company’s health insurance service has been greatly awarded in Nigeria in recent years.
Schneider Electric
Schneider Electric is a French multinational corporation that specializes in digital automation and energy management. Schneider Electric drives digital transformation in Nigeria by integrating world-leading process and energy technologies, an endpoint to cloud connecting products, controls, software, and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure, and industries.
Danone
Through its subsidiary Fan Milk, Danone has a presence in Nigeria’s dairy and frozen dairy products market. Fan Milk is known for its range of frozen yogurt, ice cream, and other dairy products popular among Nigerian consumers.
Sodexo
Operating in Nigeria, Sodexo provides quality-of-life services, including facilities management, catering, and employee benefits. The company serves various sectors, such as corporate, healthcare, and education, enhancing operational efficiency and employee well-being.
Alstom
A leader in transportation and infrastructure, Alstom has been involved in Nigeria’s rail transport projects. The company contributes to the development and maintenance of railway systems, supporting the country’s efforts to improve its transportation network.
Ponticelli Frères
Specializing in industrial services, Ponticelli Frères operates in sectors such as oil and gas, energy, and chemicals. The company provides services including assembly, boilermaking, and maintenance, supporting various industrial projects in Nigeria.
Maurel & Prom
An oil company focusing on hydrocarbon production, Maurel & Prom has operations in Nigeria through its significant stake in SEPLAT, one of the country’s leading indigenous operators. The company engages in exploration and production activities, contributing to Nigeria’s energy sector.
Bolloré Transport & Logistics
A major player in logistics and transportation, Bolloré has been active in Nigeria, providing services that facilitate trade and commerce. The company has shown interest in investing and exploring opportunities within Nigeria’s economy.
Air Liquide
Air Liquide Specializing in gases, technologies, and services for industry and health, Air Liquide operates in Nigeria to supply industrial gases and related services. The company’s offerings support sectors such as oil and gas, manufacturing, and healthcare.
Significance
The promise of greater room for investments in Nigeria is expected to lure more French companies into Nigeria while French companies already operational in the country would also seek more ways to expand their volume of investments in Nigeria.
This is already happening with Total Energies recently announcing plans to go ahead with the commissioning of a $750 million gas project in Nigeria next year, in addition to a $500 million joint venture it currently has with the NNPC.
More French investments in Nigeria are therefore anticipated in the coming months following President Tinubu’s recent state visit to France and the promise of greater trade relations between both countries.
