While some accuse it of economically exploiting its former colonies, France has been forging diplomatic and economic ties with Anglophone African countries in recent years.
France’s trade relations in SSA has shifted. Its primary trade partners in the regions are now Nigeria, Angola, and South Africa, according to an official French Treasury document.
Nigeria now stands as Paris's leading trading partner south of the Sahara, accounting for 20% of commercial exchanges in 2022. The trade volume between the two countries, valued at $5.9 billion last year, increased by 47% in 2022, following a 14.5% rise in 2021.
As an oil-producing country, Nigeria owes this position mainly to the sale of crude oil to France. The French Treasury explains that imports of natural hydrocarbons, other extractive industry products, electricity, and waste "alone represent 85.5% of the value of commercial exchanges between Nigeria and France." Overall, according to the institution, Nigeria would account for 4.7% of French oil imports in 2022. Although the West African country imported $641 million worth of goods in 2022, its trade balance with France remains significantly surplus at over $4.5 billion for the past year.
France also imports oil and natural gas from Angola. Hydrocarbons represent 99% of French imports from Luanda, with trade estimated at $4.2 billion in 2022. According to French authorities, hydrocarbon imports from Angola surged "from February 2022, as a result of the Russian aggression in Ukraine, which led to our disengagement from Russia." Hydrocarbons are also Paris' main import from South Africa.
In contrast to the prevailing perception that France exclusively maintains economic ties with its former colonies in Africa, recent data reveals a nuanced reality. Over the past few years, France has strategically engaged with Anglophone African nations, with Nigeria taking center stage. Evidencing this diplomatic shift, Emmanuel Macron conducted official visits to Nigeria in 2018, South Africa in 2021, and Angola in 2023.
Despite these figures, it is worth noting that France continues to be close to its former colonies, particularly in West Africa. The West African Economic and Monetary Union (WAEMU) has two of France's top three partners in sub-Saharan Africa, namely Côte d'Ivoire and Senegal. According to French Treasury figures, Abidjan imported $1.5 billion worth of French products in 2022, ranking just behind South Africa as the largest importer of French products in sub-Saharan Africa.
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
Egypt signs deals to import up to 290 LNG cargoes over 30 months, starting in July Trafigura,...
(AfDB)-Egypt's first integrated solar and battery storage plant will deliver dispatchable clean ener...
Lion Group to explore and exploit gold, copper, and manganese in Algeria Malaysian firm plans...
This launch is a significant milestone that highlights Rwanda's ongoing digital transformation. With...
Key Highlights Niger’s government has seized full control of SOMAÏR, its only active uranium mine, stripping Orano of its 63.4% stake. Officials...
Key Highlights: • Olam Agri to onboard 5,000 small-scale farmers in Kwara State under a new soybean supply initiative. • Partnership with IDH and...
Key Highlights• Ivory Coast ends TSDAR, a petroleum tax introduced in 2018 to reduce SIR’s debt.• Government to redirect two-thirds of revenue to...
Key Highlights: • Sri Lankan textile group, Star Garments, inaugurates its first factory in Africa with an anticipated 4,520 jobs by 2030.•...
Tucked away in northeastern Chad, deep in the heart of the Sahara Desert, the Ennedi Massif stands as an extraordinary natural and cultural marvel. This...
Kakum National Park is a protected area located in Ghana’s Central Region, near the city of Cape Coast. Established as a forest reserve in 1931 and...