Nigerian billionaires Elumelu, Rabiu meet Macron to strengthen Africa-France ties

Nigerian billionaires Tony Elumelu and Abdulsamad Rabiu met with France’s President Emmanuel Macron at the Élysée Palace ahead of the Africa Forward summit, aiming to boost investment and trade between France and African nations. The summit, which will gather African leaders, business executives, and policymakers, seeks to explore practical strategies to support economic growth and cross-border collaboration.

Elumelu, chairman of United Bank for Africa, Heirs Holdings, and Transcorp Group, shared on Instagram: “Always a pleasure dining with President Macron @emmanuelmacron ahead of the Africa Forward Summit #TOEWay.” Rabiu, chairman of BUA Group, posted: “A pleasure to meet again with President Emmanuel Macron (@emmanuelmacron) in the City of Light. I truly value our friendship and his inspiring leadership.”

Nigeria projects 4.4 percent growth in 2026

The meeting comes as Nigeria’s economy shows signs of steady improvement. The World Bank forecasts economic growth of 4.4 percent in 2026 and 2027, marking the fastest pace in more than a decade. Growth is expected to be driven by the service sector, oil production, and government reforms.

While this rate reflects progress, economists note Nigeria will need a sustained 7–10 percent annual growth to meaningfully reduce poverty for its population of roughly 140 million people. Reaching a $1 trillion economy by 2026 remains a key government goal under President Bola Tinubu’s economic plan.

The projected growth is underpinned by strong performance in finance, information technology, and telecommunications. The United Nations has highlighted that Nigeria would require around $10 billion annually to achieve its Sustainable Development Goals by 2030. These developments underscore the importance of partnerships between business leaders and global investors to unlock capital and expand opportunities.

Africa economy gains momentum

Across the continent, Africa’s economy is also improving gradually. The United Nations’ World Economic Situation and Prospects 2026 report projects 4 percent growth in 2026 and 4.1 percent in 2027, following 3.5 percent in 2024 and 3.9 percent in 2025. Regional performance varies: East Africa, led by Ethiopia and Kenya, could expand by 5.8 percent next year, North Africa by 4.1 percent, and Southern Africa by 2 percent.