Macron Urges French Firms to Re-Engage Africa Amid Shifting Global Competition
President Emmanuel Macron has renewed his call for French companies and financial institutions to expand their presence in Africa, warning that caution, regulation and risk aversion have cost France influence in markets it once dominated.
Speaking to French ambassadors at a conference in Paris, Macron said partnerships with African economies should be central to France’s long-term growth strategy, encompassing entrepreneurship, finance, innovation and the economic role of the African diaspora in France. Bloomberg reported that Macron framed the issue not only as commercial, but as strategic in a world where global competitors are rapidly reshaping Africa’s economic landscape.
“There is a timidity on the part of many that is no longer understandable,” Macron said, urging ministers to conduct an in-depth review of the barriers discouraging French firms from investing on the continent. “Let’s bring more and more French groups to Africa.”
Over the past decade, several major French banks and corporations have scaled back or exited African markets. This retreat contrasts sharply with France’s position just 15 years ago, when it remained a dominant financial and commercial actor in parts of West and Central Africa, drawing on deep historical, linguistic and institutional ties as a former colonial power.
Business leaders often cite tighter compliance rules, concerns over political risk, and pressure from shareholders as reasons for pulling back. Critics, however, argue that the withdrawals have created a vacuum filled by competitors from China, Turkey, the Gulf states and increasingly India, many of whom have been willing to accept higher risks in exchange for long-term influence.
For African governments and entrepreneurs, France’s reduced presence has had mixed effects. Some see new investors as offering alternatives to a relationship long shaped by colonial history. Others say the exit of established French banks and firms has limited access to finance, disrupted supply chains and weakened local partnerships built over decades.
Macron’s remarks also reflect a broader diplomatic recalibration. France has faced growing political and social push-back in parts of Africa, where public opinion, especially among young people has become more critical of French influence. Economic disengagement, analysts say, has reinforced perceptions that France is retreating or uninterested in mutually beneficial development.
By contrast, a renewed business presence, if structured as partnerships rather than extractive ventures, could help rebuild trust. Macron has emphasized entrepreneurship, co-investment and the role of the African diaspora as bridges between markets, cultures and families spanning France and Africa.
“These are not just contracts,” said one French official familiar with the discussions. “They are relationships that touch education, migration, family ties and social mobility on both sides.”
Macron said the issue would be a key topic at a summit scheduled for May in Nairobi, where leaders including Indian Prime Minister Narendra Modi and German Chancellor Friedrich Merz are expected to attend. The choice of Kenya underscores Africa’s growing role as a hub for technology, finance and regional trade, as well as the intensifying competition among global powers for influence.
The summit is expected to explore how European firms can compete more effectively while aligning with African priorities such as job creation, industrialization and climate resilience.
Whether Macron’s appeal translates into concrete action remains uncertain. French executives will weigh political risk, profitability and public scrutiny, while African partners will judge whether renewed interest represents a genuine shift or a late response to lost ground.
What is clear, is that Africa’s economic future is no longer waiting for the EU.
