France And Nigeria Sign MoU On Energy

by Ulrika Lomas, for LawAndTax-News.com, Brussels

13 October 2008

It was announced last week that France and Nigeria have entered into a bilateral agreement designed to encourage growth in Nigeria's power sector.

It is hoped that the MoU will boost Nigeria's economy by allowing powerful companies in France the opportunity to invest in the Nigerian power sector.

According to the guidelines of the MoU:

"The Federal Republic of Nigeria will engage the French national transmission system, Reseau de transport d’electricite (RTE) in a discussion on the possibility of conducting an audit of the power sector in order to establish the necessary interventions required for a speedy restoration of capacities in the generation, transmission and distribution of electricity in Nigeria."

Commenting on the agreement, France's Minister of State External Trade, Mrs Anne-Marie Idrac, said:

“The French Government will work towards establishing efficiency in the power sector. I was encouraged to hear that state governments are contributing towards promoting power efficiency in the country."

“We have a lot of additional expertise and we want to share it with you. France has always been willing to assist and participate in the Nigerian economy."

It is hoped by both parties that the signing of this bilateral agreement will, in time, lead to the introduction of a more comprehensive and diverse set of trade negotiations.

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