Nigeria, France Trade Hits $7.7 billion

  • 0

france_nigNigeria’s bilateral relations with France continue to strenghten as trade volume between the African and European nation hit an all time high of €5.7 billion ($7.7 billion) in the last one year.

According to the French Ambassador to Nigeria, Jacques Champagnede Labroille, the trade relationship between the two countries was the highest so far in the history of Sub-Saharan Africa, adding that €4 billion of the €5.7 billion ($7.7 million) was spent on oil importation from Nigeria.

Speaking at the formal signing of electrical distributorship agreement between Schneider Electric and Mikano, Labroille pointed out that while Nigeria’s import stood at €4 billion ($5.4 billion), France export during the period was between €1.2 billion ($1.6 billion) and €1.7 billion ($2.2 billion).

“We French, certainly believe that Nigeria is a country of extra-ordinary potential; it is already and by far, our first partner in Africa, south of the Sahara,” he said.

During the signing of an agreemen on trade and SME development between both countries, the French Mnister of External Trade, Nicole Bricg said France also sees Nigeria as a worthy trade partner and an industrial hub for French businesses to thrive.

The European country would also like to invest in areas of energy, water management and transport in Nigeria.

Nigeria and France have continued to enjoy a long-standing economic relationship. According to Nigeria’s Minister of trade and Investment, Olusegun Aganga, trade between the two countries dated back to the 18th century and has continuously grown over the years.

“More than half of our (Nigeria) automobile components are imported from France and we have quite a number of companies operating in Nigeria,” Aganga said.

Nigeria minister called on Germany to create the enabling environment for improved economic trade ties in order to enhance the existing relationship between both nations.

Secrets Of Women At Top Business Positions
Prev Post Secrets Of Women At Top Business Positions
General Electric (GE) Wins $1.9 Billion Deal To Supply Algerian Turbines
Next Post General Electric (GE) Wins $1.9 Billion Deal To Supply Algerian Turbines

Leave a Comment: