Nigeria-India Bilateral Trade Hits $20bn in 2 Years- Envoy
Amb. Bala Manian, India’s High Commissioner to Nigeria, said the bilateral trade between Nigeria and India in two years was about 20 billion dollars.
Manian said this at the second Nigeria- India Joint Trade Committee meeting held on Monday in Abuja.
The joint committee is a high -level partnership aimed at reviewing the developments, expansions of trade, and economic relations between both countries.
“Nigeria currently hosts about 150 Indian enterprises, with a total investment of 27 billion dollars, largely in the manufacturing sector.
“Bilateral trade between the two countries has totalled 14.95 billion dollars in the formal sector and about five billion dollars in the informal sector in the last two years.
The Envoy said that over the past few years, Nigeria and India have had continued constructive engagements on trade and investment-related issues.
Earlier, the Permanent Secretary, Ministry of Industry, Trade and Investment, Amb. Nura Rimi reiterated Nigeria’s commitment to drive economic relations with India.
Rimi acknowledged the increasing volume of trade between Nigeria and India, saying, “India is the largest trading partner of Nigeria.
“Nigeria is ranked 4th largest importer from India with a value of 8.78 billion dollars according to the 2022 annual foreign Trade report.”
He said the second Joint Trade Committee meeting was to strengthen the existing trade and investment relations between both countries.
“It focuses on identified key priority sectors to review the development and expansion of trade and economic relations as well as explore the possibilities of increasing and diversifying trade.
“The Ministry is striving to position the country on the path of sustainable prosperity through appropriate policies that will enhance service delivery.
“In a manner that will stimulate the growth of the domestic economy through industrialisation, trade and investment.” Rimi expressed the desire of the Nigerian government to further boost its partnership with India.
“Nigeria is looking forward to better cooperation with the Indians to create the opportunities to reposition Nigeria as a gateway and largest market for Indian companies to invest.
“The position of this present administration is to boost Nigeria’s trade and investment by introducing some initiatives to attract investments into the six priority sectors.
” The sectors are Agriculture, Solid Minerals, Manufacturing, Oil and Gas, Services and Infrastructure. I truly and strongly believe in our two Countries’ friendship and cooperation for many years.
“I will ideally be pleased to see that we provide a sustainable platform for economic growth which will help us to achieve our Developmental Goals,” he said.
Mr Amardeep Bhatia, India Additional Secretary, Department of Commerce, Government of India, said that India had attached very high importance to Nigeria.
He expressed optimism on the successful outcome of the joint meeting.
“India and Nigeria have strong and historical relations. Our bilateral connections, which date back to before Nigeria’s independence, have been nurtured by both countries’ leaders.
“This provides an opportunity for both sides to renew the bilateral trade and also ensure that there is continuity in the discussions.
“Continuity to solve the problems which our businesses face and ensure that it is done in a very smooth manner.
“Despite our ongoing investments, India is eager to invest more in Nigeria, especially in the areas of pharmaceuticals, agriculture, and mining among others,” he said.
Nigeria’s participation at the G20 Summit in India led to the country securing pledges worth 14 billion dollars in investment from India.
Out of the 14 billion dollars promised by President Bola Tinubu during the G20 summit in September 2023, seven billion dollars had already been signed immediately after the visit in January 2024.
The first joint meeting was held in India in December 2019. Treasury Bills Yield Plunged to 22% over Buying Interest
