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Nigeria, France trade volume hits $7billion

By on March 20, 2013

Trade between Nigeria and France currently stands at $7 billion, Nigeria’s envoy to France, Ambassador Akin Fayomi, has said.

Fayomi said on Tuesday, in Paris, said that the figure represented the volume of trade in 2012. “As at 2012, the volume of trade was about $7 billion which translates to about 4.5 billion euro. It is a lot of money considering the economic recession, though given the potentials of Nigeria we feel it is not enough.

“We are France’s second largest trading partner in sub-Saharan Africa, and the trade is in favour of Nigeria as oil is our main export,” he said.

The envoy, however, said that French investors were keen on exploring other areas of investment. “Already, there is a lot of involvement in other sectors like construction, manufacturing and others. The oil sector is saturated; Total has been operating in the country for many years.

“Also in Pharmaceuticals, there are some companies that manufacture drugs in partnership with some Nigerian companies,’’ Fayomi said.

He added: “Similarly, in waste management and maintenance culture, some state governments are in partnership with French companies.”

Fayomi further said that the embassy was liaising with some French institutions for exchange programmes for Nigerian students and teachers in order to encourage the study of French as a language.

[Daily Times]