Mkpoikana Udoma
Port Harcourt — The bilateral trade volume between Nigeria and India has risen to $14.95 billion in the formal sector, and around $5 billion in the informal sector in the last two years, India’s High Commissioner to Nigeria, Ambassador Shri Balasubramanian, has said.
Balasubramanian also announced that Nigeria currently hosts about 150 Indian enterprises, with a total investment of $27 billion, largely in the manufacturing sector, emphasizing the two countries’ strong and growing economic and trade connections.
The envoy spoke at the ongoing Nigeria and India Joint Trade Summit on Monday in Abuja; the meeting which aims to improve and strengthen the existing bilateral trade, commerce and investment relations between the two countries.
He said, “Over the past few years, Nigeria and India have continuously had constructive engagements. The first joint meeting held in India in December 2019. This enabled both countries to review the economic ties on Trade and Investment, which eventually shored up increased volume of trade and more robust bilateral relations between the two countries.”
Similarly, the lead negotiator of the Indian delegation, Amardeep Singh Bhatia, of India’s Ministry of Commerce and Industry, India was eager to invest more in Nigeria.
“We are here to explore bilateral relations between the two countries to stimulate trade and investment, especially in the non-oil sectors of pharmaceuticals, agriculture, and mining.
“India and Nigeria have strong and historical relations. Our bilateral connections, which date back before Nigeria’s independence, have been nurtured by both countries’ leaders,” he noted.
Earlier, the Permanent Secretary Federal Ministry of Industry, Trade and Investment, Ambassador Nura Abba Rimi, said the joint bilateral meeting will focus on key priority areas with the “aim of reviewing the development and expansion of economic relations as well as exploring the possibilities of increasing and diversifying trade.”
Rimi acknowledged the increasing volume of trade between Nigeria and India saying, “India is the largest trading partner of Nigeria in Asia especially, Nigeria’s petroleum products (which is a total of 12percent India’s crude requirements) while Nigeria is ranked 4th largest importer from India with a value of $8.78billion according to the 2022 annual foreign Trade report.”
The Permanent Secretary assured the Indian delegation that Government is committed to facilitating a conducive environment for trade and investment where both Nigerian and her foreign partners, including Indian businesses, can thrive.
“This is why the Federal Executive Council in March 2022 approved the Trade Policy Action Plan (2022-2026) followed by the inauguration of trade policy Committee to enhance service delivery in a manner that will stimulate the growth of the domestic Economy through Industrialisation, Trade, and Investment.”
He said the participation of Nigeria at the G20 Summit in India was a milestone that led to the country securing pledges worth $14 billion in investment. This significant commitment further strengthens the bilateral ties between the two nations.
“Out of the $14 billion promised President Tinubu (during his to the G20 summit in September 2023) as an investment into the Nigerian economy, $7 billion has already been signed immediately after the visit, in January 2024.”