France has solidified its position as Nigeria’s top net export destination, with trade volumes reaching unprecedented levels in the first half of 2024. According to the National Bureau of Statistics (NBS), Nigeria’s exports to France soared to over ₦3.9 trillion ($2.4 billion), representing a significant increase compared to previous years and underscoring the deepening economic ties between the two nations.
This surge places France ahead of other prominent trading partners, highlighting its strategic importance in Nigeria’s export market.
A Robust Trade Balance
During the first half of 2024, Nigeria’s total trade exports amounted to ₦38.5 trillion ($24 billion), showcasing a robust performance in the international trade arena. With imports recorded at approximately ₦26.4 trillion ($16.5 billion), Nigeria achieved a positive trade balance, reflecting its ability to maintain export dominance over imports.
France’s emergence as Nigeria’s top export destination comes amid a broader strategy to diversify Nigeria’s economic partnerships and deepen international trade relations.
Breaking Down the Numbers
France’s dominance is underscored by key statistics:
- Nigeria’s trade exports to France in the first half of 2024 exceeded the ₦2.3 trillion ($1.5 billion) recorded for the entire year of 2023, reaching ₦3.9 trillion in just six months.
- Crude oil remains the cornerstone of Nigeria’s exports to France, accounting for approximately ₦3.2 trillion during this period.
- In the first quarter (Q1) of 2024, crude oil exports to France were valued at ₦1.8 trillion, while the second quarter (Q2) contributed an additional ₦1.4 trillion.
- Other exports to France included natural gas, soybean flour and meals, cut flowers, and frozen shrimp and prawns, showcasing some level of diversification in Nigeria’s export basket.
In terms of net exports, Spain ranked second with ₦3.39 trillion, followed by the Netherlands at ₦1.7 trillion. However, Nigeria continues to grapple with a significant trade deficit with China, currently standing at ₦4.5 trillion, highlighting an imbalance in trade flows with its largest import partner.
Strategic Diplomacy: Tinubu’s State Visit to France
The upward trajectory of Nigeria-France trade relations coincides with President Bola Ahmed Tinubu’s recent state visit to France. The visit, marked by high-level discussions with French President Emmanuel Macron at the Palais de l’Elysée, emphasized a shared commitment to expanding bilateral economic cooperation.
During the visit, President Tinubu highlighted opportunities for foreign direct investment (FDI) in key sectors of Nigeria’s economy, including:
- Agriculture: Strengthening food security and boosting exports.
- Energy: Advancing renewable energy initiatives and enhancing oil and gas production.
- Solid Minerals: Unlocking the potential of Nigeria’s vast mineral reserves.
- Blue Economy: Promoting sustainable use of marine resources for economic growth.
President Tinubu positioned Nigeria as a prime investment destination, urging French investors to explore opportunities in these sectors. This call aligns with Nigeria’s ongoing efforts to attract FDI and foster economic growth.
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