Nigeria’s exports to France surged to over N3.9 trillion (roughly $2.4 billion) within the first half of 2024, solidifying France’s place as Nigeria’s prime export vacation spot amongst single international locations.
This knowledge, printed by the Nationwide Bureau of Statistics (NBS), highlights Nigeria’s whole commerce exports of roughly N38.5 trillion ($24 billion) throughout the identical interval.
The nation maintained a optimistic commerce stability, with exports exceeding imports, which stood at round N26.4 trillion ($16.5 billion).
The announcement coincides with Nigeria’s President Bola Ahmed Tinubu’s current state go to to France, the place discussions centered on fostering mutually helpful financial partnerships.
France tops Nigeria’s internet export listing
Nigeria’s commerce exports to France within the first half of 2024 reached N3.9 trillion, surpassing the N2.3 trillion recorded for the whole thing of 2023. The web export determine, presently at N3.4 trillion, displays a major enhance in commerce exercise between each nations.
Key Highlights
In greenback phrases, Nigeria’s whole exports to France in 2023 have been valued at roughly $2.4 billion, assuming an trade fee of N907/$1. Exports to France in 2024 are anticipated to exceed this determine as commerce relations strengthen.
- An in depth evaluation of NBS knowledge reveals that crude oil dominates Nigeria’s exports to France, accounting for about N3.2 trillion within the first half of the yr.
- Crude oil exports have been valued at N1.8 trillion in Q1 2024 and an extra N1.4 trillion in Q2 2024.
- Different exports to France embrace pure fuel, soybean flour and meals, minimize flowers and flower buds, and frozen shrimp and prawns.
- When it comes to internet exports, Spain ranks second after France, with a complete of N3.39 trillion, adopted by the Netherlands at N1.7 trillion. Whereas Nigeria has a commerce surplus with most of its main buying and selling companions, it data a N4.5 trillion commerce deficit with China.
President Tinubu’s go to to France
President Bola Ahmed Tinubu’s current state go to to France was a milestone in strengthening Nigeria-France relations, with each nations reaffirming their dedication to increasing financial cooperation.
Throughout discussions with French President Emmanuel Macron on the Palais de l’Elysée, President Tinubu emphasised Nigeria’s curiosity in deepening partnerships in key financial sectors, together with:
- Agriculture
- Vitality
- Strong minerals
- Blue financial system
The Nigerian President highlighted alternatives for overseas direct funding (FDI) in these sectors, positioning Nigeria as a viable funding vacation spot.
The go to underscores a renewed deal with leveraging worldwide partnerships to bolster Nigeria’s financial system and enhance the welfare of its residents.
This era of enhanced collaboration between Nigeria and France displays a strategic alignment of financial targets, with crude oil and different key exports forming the spine of Nigeria’s contributions to bilateral commerce.
Be First to Comment