Improving Nigeria-France trade ties

France has pledged to improve bilateral trade with Nigeria, demonstrating a commitment to helping Nigeria diversify its economy. Moses Umoru, Acting General Manager of the Franco-Nigerian Chamber of Commerce and Industry, discussed the strategies to enhance trade ties between the two nations. The current trade relationship between Nigeria and France has grown significantly over the years. In 2015, the trade between both countries amounted to over $1.4 billion. However, the trade primarily consisted of crude oil exports, accounting for 90% of Nigeria's exports to France. There has been a recent shift towards diversification, particularly in the agriculture sector. In January, 20 French companies collaborated with the Chamber to explore opportunities in the Nigerian agriculture industry. This shift indicates a move towards a more balanced trade relationship between the two nations. In return, Nigeria imports refined products from France, maintaining a relatively fair trade balance. To further enhance the agriculture sector, infrastructure development is crucial. While Nigeria produces significantly in agriculture, lack of value addition and infrastructure hinders the export potential. The collaboration with French companies aims to invest in infrastructure that can improve the efficiency and productivity of the Nigerian agricultural sector. This partnership not only benefits the Nigerian farmers but also promotes foreign direct investment in the country. The response from the Nigerian government has been positive, with active engagement in promoting agricultural collaboration with France. However, challenges remain in the regulatory environment, which needs further development to attract more investors. Infrastructure, particularly in power supply, poses a significant challenge for foreign businesses looking to invest in Nigeria. The regulatory environment and infrastructure development are key areas that need improvement to facilitate smoother trade relations between Nigeria and France. In addition to agriculture, technology presents an opportunity for collaboration between the two countries. French technology expertise can be leveraged to enhance business efficiency in Nigeria. The fashion industry, although prominent, is gradually being overshadowed by the burgeoning film industry in Nigeria. Partnerships in the film industry have led to cultural exchanges and increased collaboration between Nigerian and French creatives. The transfer of skills, particularly in masonry and arts, presents an avenue for talent exchange between Nigeria and France. Cultural and skill exchanges can further strengthen the trade relations between the two nations. The ease of doing business between Nigeria and France is improving, with initiatives like 'Creative France' promoting SME collaboration. The future of Nigeria's relationship with France looks promising, with ongoing efforts to enhance trade ties and security collaboration. While challenges exist, such as tax policy adjustments, there is optimism for a more balanced and diversified trade relationship between Nigeria and France. By focusing on infrastructure development, regulatory improvements, and skill transfers, both countries can pave the way for a more robust economic partnership.