Mariam Abeeb
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 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 with the aim of reviewing the development and expansion of trade and economic relations as well as exploring 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 a 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.
