President Bola Tinubu has reaffirmed his commitment to expanding economic and trade cooperation between Nigeria and France.

During discussions with French President, Emmanuel Macron, at the Palais de l’Elysée, during his state visit to France last week, Tinubu emphasised Nigeria’s interest in deepening partnerships in key economic sectors, including agriculture, energy, solid minerals and the blue economy, highlighting opportunities for foreign direct investment (FDI) in the sectors.

The visit underscored a focus on leveraging international partnerships to bolster Nigeria’s economy and improve the welfare of its citizens.

Significantly, Nigeria’s exports to France surged to over N3.9 trillion (approximately $2.4 billion) in H1 of 2024, solidifying France’s position as Nigeria’s top export destination among single countries.

This data, according to the National Bureau of Statistics (NBS), puts Nigeria’s total trade exports at 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).

Nigeria’s trade exports to France in H1 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 countries.

In dollar terms, Nigeria’s total exports to France in 2023 were valued at approximately $2.4 billion, at N907/$1. Exports to France in 2024 are expected to exceed this figure as trade relations strengthen.

According to the NBS, crude oil still dominates Nigeria’s exports to France, accounting for about N3.2 trillion in H1 2024. Crude oil exports were valued at N1.8 trillion in Q1 2024 and an additional N1.4 trillion in Q2 2024.