OPINION BY CHUKWUEMEKA UWANAKA: HerbertOWigwe, economic diplomacy and Nigeria-France relations | TheCable
Chairman of BUA Group, as the President of the France-Nigeria Business Council . Beyond the personal accolades that should go to him, Wigwe’s evolving tenure as President of the FNBC provides a strategic opportunity for some mutually beneficial economic and political outcomes for Nigeria, and France, when viewed from an economic diplomacy perspective.
In so doing, the private sector is accorded prime position in diplomatic conduct. Though Wigwe is a private sector operator, the inauguration of the FNBC by President Macron underscores its official relevance. Wigwe is currently Chief Executive Officer of Access Holdings PLC, traded as Access Corporation. He was the Group Managing Director/CEO of Access Bank PLC, one of Nigeria’s top five banking institutions.
In the last 26 years, the exports of Nigeria to France have increased at an annualized rate of 6.29 percent, from $680M in 1995 to $3.32B in 2021. During the same 26 years period, the exports of France to Nigeria have increased at an annualized rate of 2.7 percent, from $394M in 1995 to $788M in 2021. At face value, Nigeria has a more favourable balance of trade.
Nigeria has GDP of US$441 billion and GDP per capita of $2,085, while France has GDP of US$2.94 trillion and GDP per capita of $43,519. The size of the French economy and average purchasing power therefore means that there is a lot of capacity within the French economy, for processed goods and service exports from Nigeria.
Wigwe is also qualified to provide hands-on mentoring and business support to Nigerian manufacturers with export potentials. If he could lead the international expansion of Access Bank despite the challenges with Nigeria’s business environment, then he can mentor, support and invest in Nigerian business organisations to surmount the challenging economic environment, and begin to export manufactured products and services to France.
On the security front, Wigwe can contribute to ensure that the commitments that France made in support of the fight against terrorism in the Lake Chad region at the Paris Summit of May 2014, and other related commitments, are implemented. This will make Nigeria and surrounding francophone countries more secure, thereby making Nigeria more attractive for investment, and leading to a reduction in the insurance premium for foreign investment into Nigeria.
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