Macron urges French firms to step up investment in Africa

President Emmanuel Macron has called on French companies and financiers to renew their engagement in Africa, warning that excessive regulation and risk aversion have allowed competitors to edge France out of markets it once dominated.

Speaking to French ambassadors at a conference in Paris on Thursday, Macron said partnerships with African economies should be central to France’s growth strategy, encompassing entrepreneurship, finance and greater involvement of the African diaspora.

The issue will be a key focus of a summit scheduled for May in Nairobi, which is expected to bring together leaders including Indian Prime Minister Narendra Modi and German Chancellor Friedrich Merz, Macron said.

Over the past decade, several French banks and major corporations have scaled back their African operations, despite France’s strong financial presence in the region as recently as 15 years ago—ties rooted in its history as a former colonial power.