Nigeria seeks to expand $11.8bn bilateral trade with India

The federal government is seeking to expand its over $11.8 billion bilateral trading partnership with the Republic of India in a bid to boost growth in key sectors of the Nigerian economy.

Speaking at the Nigeria-India Business Council (NIBC) held in Abuja, the Minister of Industry, Trade and Investment, Dr Doris Uzoka Anite, commended India for investing much in Nigeria.

She said that, “I would like to commend the efforts of both countries in concluding the sixth session of the Nigeria-India Joint Commission Meeting held yesterday (Monday).

“India is among Nigeria’s top 10 trading partners, and Nigeria is India’s largest trading partner in Africa. The total bilateral trade between India and Nigeria as of 2022 stood at $14.95 billion, as against $8.81 billion during the year 2020 – 2021; this, unfortunately, dipped to $11.8bn last year but remains a clear indication of the importance of trade relations between our two nations”.

Anite further explained; “During my time in India, I met with several pharmaceutical companies, many of whom were interested in coming into the Nigerian market or expanding already existing operations.

“Companies such as Bharti Airtel, Tata, Stallion Motors, Churchgate, and Indorama. I have even noticed that Nigerian-based Indian companies are some of the biggest ambassadors for doing business in our market, this is a testament to the conducive business environment that Nigeria provides for Indian companies to thrive,” the Minister further noted.

In his address, the Minister of External Affairs of India, Dr S. Jaishankar, said; “this is the first time that a Foreign Affairs Minister from India will be visiting Nigeria”.

He explained that this is because of the value that India placed in doing business with Nigeria, adding that the country is India’s largest trading partner in Africa.