Trade between Nigeria and France reached a combined N18.56 trillion between 2023 and 2025, according to an analysis of official figures from the National Bureau of Statistics.
The figure represents an increase of about 294 per cent from the N4.71 trillion recorded during the preceding three-year period from 2020 to 2022.
Capital inflows into Nigeria from France also increased during the period. They rose from $100.76 million between 2020 and 2022 to $233.22 million between 2023 and 2025, an increase of about 131 per cent.
TheCable Index, which compiled the comparison, said it used figures from the NBS and information released by the Nigerian Presidency.
Trade rises in naira terms
The N18.56 trillion figure represents the combined value of goods imported and exported between Nigeria and France over three years. It should not be interpreted as revenue earned by Nigeria or as the value of French investment in the country.
The figures point to increased commercial activity between both countries since President Bola Tinubu assumed office in May 2023.
However, the 294 per cent increase is based on nominal naira values. It has not been adjusted for inflation or changes in the exchange rate.
The naira weakened considerably after Nigeria changed its foreign exchange system in 2023. Consequently, transactions priced in euros or dollars now produce much higher naira values than they did before the reforms.
The increase may therefore reflect a combination of higher trade volumes, rising prices and the changing value of the naira. The underlying quarterly figures are available through the NBS foreign trade database.
Capital inflows from France increase
The rise from $100.76 million to $233.22 million relates to capital importation recorded as originating from France.
Capital importation is not limited to direct investment in factories, businesses or infrastructure. It can also include portfolio investment and other financial inflows registered through recognised channels.
The figures therefore do not represent the full value of every French-owned business operating in Nigeria or every investment agreement announced by both governments.
Nigeria and France have continued to pursue closer cooperation in agriculture, healthcare, transport, renewable energy, financial services and infrastructure.
During Tinubu’s state visit to France in November 2024, the two countries signed agreements that included a proposed €300 million investment programme covering several sectors.
Zenith Bank also opened operations in Paris, while United Bank for Africa announced plans to establish a presence in France. These were agreements and proposed investments, rather than evidence that every announced amount had already entered Nigeria. Reuters reported the agreements following the state visit.
Stronger ties, but no single cause
Tinubu has visited France repeatedly since becoming President, with some trips described as official engagements and others as private or working visits.
His administration has presented stronger international partnerships as part of its effort to attract investment and expand Nigeria’s trade relationships.
However, the figures do not prove that presidential visits alone caused the increase in trade and capital inflows.
Exchange-rate movements, commodity prices, private-sector activity, government agreements and wider market conditions may all have influenced the recorded growth.
