Nigeria-India’s Bilateral Trade Hits $14.95bn In One-Year
Bilateral trade between India and Nigeria grew to $14.95 billion between 2021 and 2022.
Indian Minister of State for External Affairs, Shri Vellamvelly Muraleedharan also stated that Indian investments in Nigeria have grown to $20 billion.
The minister who spoke at the inaugural Session of the Nigeria-India Business Council (NIBC) in Abuja said Nigeria had always been a favourite investment destination for Indian businesses adding that the multi-sectoral, high-level business delegation from India was ready to collaborate in different sectors in the country.
The minister said: “I am aware that there are around 135 Indian companies in Nigeria which are estimated to have invested over $20 billion. It is also a matter of pride that companies owned by Indians or persons of Indian origin are reputed to be the second largest providers of employment in Nigeria. The large and growing population of Nigeria, its talented youth, the abundance of natural resources, a democratic and business-friendly government and very strong cultural bonds between our peoples have all fuelled the rising economic engagement between both countries. But there is still great potential to enhance our economic cooperation and, with the pandemic behind us, both countries must look to vigorously make up for opportunities lost during the last two years.”
Speaking on the trade between India and Nigeria, the Indian Foreign Minister said Nigeria had been India’s largest trading partner in Africa and a very valuable energy partner.
Muraleedharan said: “Collaboration in trade and economic fields between two countries is made a lot easier when the political relationship is strong and the leadership of the countries are committed to further improving the ties. I am glad that this is the case between India and Nigeria. India-Nigeria relations started even before Nigerian Independence in 1960, with the establishment of our Mission in Lagos in 1958. Our shared colonial past, diverse populations and common economic agenda based on democracy and sustainable development have united us even on the global stage.
“We have common positions on most issues affecting the developing world, climate change and terrorism, especially cross-border terrorism. We are supportive of Nigeria’s aspirations in the international arena and we are optimistic that our countries can enhance our coordination at multilateral fora, especially with India scheduled to host the prestigious G 20 Summit in 2023.”
Also, the minister said that during the COVID-19 pandemic, cooperation between India and Nigeria only intensified with regular telephonic interactions between leaders of both countries, the supply by India of over seven tonnes of essential medicines during the peak of the pandemic and the gifting of 100,000 ‘made in India’ vaccines to Nigeria under India’s ‘vaccine maitri’ initiative.
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