Nigeria’s exports to France surged to over N3.9 trillion (approximately $2.4 billion) in the first half of 2024, solidifying France’s position as Nigeria’s top export destination among single countries.
This data, published by the National Bureau of Statistics (NBS), highlights Nigeria’s total trade exports of approximately N38.5 trillion ($24 billion) during the same period.
The country maintained a positive trade balance, with exports exceeding imports, which stood at around N26.4 trillion ($16.5 billion).
The announcement coincides with Nigeria’s President Bola Ahmed Tinubu’s recent state visit to France, where discussions centered on fostering mutually beneficial economic partnerships.
France tops Nigeria’s net export list
Nigeria’s trade exports to France in the first half of 2024 reached N3.9 trillion, surpassing the N2.3 trillion recorded for the entirety of 2023. The net export figure, currently at N3.4 trillion, reflects a significant increase in trade activity between both nations.
Key Highlights
In dollar terms, Nigeria’s total exports to France in 2023 were valued at approximately $2.4 billion, assuming an exchange rate of N907/$1. Exports to France in 2024 are expected to exceed this figure as trade relations strengthen.
- A detailed analysis of NBS data reveals that crude oil dominates Nigeria’s exports to France, accounting for about N3.2 trillion in the first half of the year.
- Crude oil exports were valued at N1.8 trillion in Q1 2024 and an additional N1.4 trillion in Q2 2024.
- Other exports to France include natural gas, soybean flour and meals, cut flowers and flower buds, and frozen shrimp and prawns.
- In terms of net exports, Spain ranks second after France, with a total of N3.39 trillion, followed by the Netherlands at N1.7 trillion. While Nigeria has a trade surplus with most of its major trading partners, it records a N4.5 trillion trade deficit with China.
President Tinubu’s visit to France
President Bola Ahmed Tinubu’s recent state visit to France was a milestone in strengthening Nigeria-France relations, with both nations reaffirming their commitment to expanding economic cooperation.
During discussions with French President Emmanuel Macron at the Palais de l’Elysée, President Tinubu emphasized Nigeria’s interest in deepening partnerships in key economic sectors, including:
- Agriculture
- Energy
- Solid minerals
- Blue economy
The Nigerian President highlighted opportunities for foreign direct investment (FDI) in these sectors, positioning Nigeria as a viable investment destination.
The visit underscores a renewed focus on leveraging international partnerships to bolster Nigeria’s economy and improve the welfare of its citizens.
This period of enhanced collaboration between Nigeria and France reflects a strategic alignment of economic goals, with crude oil and other key exports forming the backbone of Nigeria’s contributions to bilateral trade.