Nigeria, France seek ways to increase trade

France and Nigeria have a longstanding trade relationship, with Nigeria being the first exporter to France and a significant bilateral trade volume of $5 billion. The Franco-Nigerian Chamber of Commerce Summit served as a platform to explore ways to further enhance this relationship. CNBC Africa's Oyedamola Akinsanya recently spoke with France's Consular General to Nigeria on the sidelines of the summit to delve into the trade strategies and opportunities both countries are eyeing. The Consular General highlighted France's interest in diversifying its partnerships with Nigeria beyond the traditional oil and gas sector. France has been actively engaging with Nigeria, with visits from French companies in the past and more planned for the future. The upcoming visit will include a delegation of 50 companies and entrepreneurs, indicating a strong interest from the French business community in exploring opportunities in Nigeria. While recognizing the importance of the oil and gas sector, France is keen on expanding its partnership with Nigeria into other sectors such as renewable energy and power. The Consular General emphasized the importance of building partnerships in areas like renewable energy, highlighting the active role of the Franco-Nigerian Chamber of Commerce and Industry in fostering collaborations. Both countries have signed Memorandums of Understanding (MOUs) in cultural, business, and commercial fields, laying a foundation for deeper cooperation. The Consular General's statements underscore France's commitment to broadening its trade horizons with Nigeria and tapping into emerging sectors for mutual benefit. As Nigeria seeks to diversify its economy and reduce its dependence on oil, the partnership with France presents an opportunity to leverage French expertise and technology in sectors like renewable energy. The Consular General's remarks signal a shift in focus towards sustainable and innovative collaborations that can drive economic growth and create new avenues for trade between the two nations. In conclusion, the ongoing efforts to strengthen the trade relationship between Nigeria and France are promising, with both countries demonstrating a shared commitment to exploring new opportunities beyond traditional sectors. The upcoming visit by a delegation of French companies reflects the growing interest and confidence in Nigeria's economic potential, paving the way for deeper cooperation and mutual prosperity.