France leads Nigeria’s export destinations in 2024, recording over N3.9 trillion in trade. President Tinubu’s visit to France underscores opportunities for deepened economic partnerships.
Nigeria’s trade dynamics witnessed a remarkable shift in the first half of 2024, with France becoming its top export destination, recording trade figures exceeding N3.9 trillion (approximately $2.4 billion).
This milestone, reported by the National Bureau of Statistics (NBS), underscores France’s dominance in Nigeria’s export portfolio among single countries, reflecting robust economic ties and Nigeria’s strategic positioning in global trade.
Data from the NBS reveals Nigeria’s total trade exports amounted to N38.5 trillion ($24 billion) in the first half of 2024, significantly outpacing imports, which stood at N26.4 trillion ($16.5 billion). The resulting trade surplus of N12.1 trillion showcases Nigeria’s effective utilization of its natural resources, particularly in the energy sector, to bolster its global economic presence.
France’s ascension as Nigeria’s top export destination is driven by several factors:
- Surging Trade Volumes: Exports to France jumped from N2.3 trillion in 2023 to over N3.9 trillion in just the first six months of 2024.
- Crude Oil Dominance: Crude oil remains the cornerstone of Nigeria’s exports, contributing N3.2 trillion to the total, with N1.8 trillion recorded in Q1 and N1.4 trillion in Q2.
- Diversified Products: Beyond crude oil, Nigeria’s exports include natural gas, soybean products, cut flowers, frozen shrimp, and prawns, reflecting an expanding trade portfolio.
- Net Exports Lead: Nigeria maintains a net export figure of approximately N3.4 trillion, marking a healthy trade surplus.
While France leads with N3.9 trillion in exports, Spain follows closely at N3.39 trillion, and the Netherlands ranks third with N1.7 trillion. However, Nigeria’s trade balance with China shows a deficit of N4.5 trillion.
This trade milestone aligns with President Bola Ahmed Tinubu’s recent visit to France, where he met with French President Emmanuel Macron to discuss expanding economic partnerships. Key areas of focus included:
- Agriculture
- Energy
- Solid minerals
- The blue economy
President Tinubu emphasized Nigeria’s readiness to attract foreign direct investment (FDI) and deepen collaborations, particularly in energy and infrastructure, to strengthen bilateral ties.
France’s reliance on Nigeria’s crude oil and natural gas underscores the strategic importance of their trade relationship, especially as Europe seeks stable energy sources amidst global uncertainties. This partnership not only enhances Nigeria’s export revenues but also positions it as a critical player in Europe’s energy security.
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