French President Emmanuel Macron has announced a €23 billion investment package for Africa targeting agriculture, energy transition, digital infrastructure, artificial intelligence and maritime industries during the Africa Forward Summit in Nairobi.

The two-day summit, hosted in Nairobi, forms part of France’s broader effort to redefine its relationship with Africa following years of strained diplomatic relations across parts of the continent, particularly in former French colonies.

According to Macron, the investment package includes €14 billion from French public and private institutions and an additional €9 billion expected from African investors. The initiative is projected to create approximately 250,000 direct jobs across Africa and France.

Agriculture featured prominently among the sectors identified for investment, alongside renewable energy, artificial intelligence, digital transformation and maritime economic development. The financing is expected to support industrialisation, infrastructure expansion and value addition across African economies.

Speaking during the summit, Macron urged African business leaders to increase investment flows into France, describing the evolving relationship between Africa and France as one based on mutual economic interests rather than historical dependency.

“We are not simply here to come and invest on the African continent alongside you — we need the great African business leaders to come and invest in France,” Macron said.

The summit comes as European nations seek to strengthen economic partnerships with Africa amid intensifying global competition for markets, technology partnerships and critical minerals.

Macron also positioned Europe as a more stable and rules-based trade partner compared to other global powers competing for influence on the continent. He criticised what he described as “predatory” resource extraction models that create dependency relationships, particularly in the processing of critical minerals and rare earths.

The French president further called for reforms to international financial systems to unlock greater private investment into African economies, arguing that the continent’s youthful population and economic potential remain significantly underfinanced.

“There is no reason today for there to be so little private investment coming into a continent as full of energy and youth as yours,” Macron told delegates at the summit.

Beyond economic discussions, Macron also addressed the ongoing process of returning African cultural artefacts taken during the colonial era, describing the movement toward restitution as “unstoppable.” The comments follow the recent approval by the French parliament of legislation paving the way for the return of looted African artworks.

The Africa Forward Summit is being viewed as part of France’s attempt to reposition itself within Africa through economic diplomacy, innovation partnerships and private sector collaboration, moving away from traditional aid-focused engagement models.

For African economies, particularly countries prioritising agricultural industrialisation and value addition, the summit presents opportunities to secure financing, technology partnerships and manufacturing investment aimed at strengthening local production and regional trade integration under the African Continental Free Trade Area (AfCFTA).