Nigeria’s exports to France surge to over N3.9 Trillion in H1 2024

Nigeria’s exports to France soared to over N3.9 trillion (approximately $2.4 billion) in the first half of 2024, securing France’s position as Nigeria’s top export destination among individual countries.

According to data from the National Bureau of Statistics (NBS), Nigeria’s total exports for the same period amounted to around N38.5 trillion ($24 billion).

This robust export performance resulted in a positive trade balance, with exports outpacing imports, which totaled approximately N26.4 trillion ($16.5 billion). The report also aligns with President Bola Ahmed Tinubu’s recent state visit to France, during which economic cooperation and partnerships were key topics of discussion.

In 2024, Nigeria’s exports to France reached N3.9 trillion, far surpassing the N2.3 trillion recorded in 2023. The net export figure stands at N3.4 trillion, marking a substantial increase in trade between the two nations.

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 Bola Ahmed Tinubu’s state visit to France served as a milestone in fortifying Nigeria-France relations. During his discussions with French President Emmanuel Macron at the Palais de l’Elysée, President Tinubu emphasized Nigeria’s interest in expanding partnerships in key sectors such as:

• Agriculture
• Energy
• Solid minerals
• Blue economy

He underscored the potential for foreign direct investment (FDI) in these areas, positioning Nigeria as an attractive investment destination. The visit highlighted a renewed focus on international cooperation to boost Nigeria’s economy and improve the welfare of its citizens.

This period of enhanced collaboration underscores a strategic alignment of economic goals, with crude oil and other vital exports driving the strength of Nigeria’s bilateral trade with France.