Nigeria-India Trade Volume Hits $10billion

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  • Nigeria-India Trade Volume Hits $10billion

The Indian High Commissioner to Nigeria, Nagabushana Reddy has disclosed plans by his country to organise an international expo on Information Communication Technology in Nigeria as part of efforts at deepening bilateral relations with Nigeria, even as trade relations between Nigeria and India increased to $10 billion in 2016.

The two-day event which is billed for September is expected to attract over 200 companies from India as well as companies from 14 countries across the globe.

Reddy, who disclosed on Tuesday in Abuja, at an event organised to commemorate the 70th Independence Anniversary of India, said the gesture apart from strengthening bilateral relations between Nigeria and India was aimed at further supporting the penetration of ICT as a major component of economic development.

“We have taken Nigeria as the bases to hold this event and also 14 other countries are been invited and we are expecting their participation which will only show that Nigeria and India are working together with a view to not only bilaterally engage themselves but also finally invite other countries to come into Nigeria to see how they can all benefit from advances in the ICT”, he said.

“We are also looking at how we can contribute to Nigeria’s effort to implement the green evolution, a major initiative launched by the President of Nigeria, which is to make Nigeria self-sufficient in agriculture and at the same time also produce for export to other countries so as to lessen the dependence on oil export,” he said.

He stated that India’s relation with Nigeria which will be 60 years next year was still very robust with about 35,000 Indian nationals and a vast majority of Indian companies operating in various sectors of the Nigerian economy.

Areas of current collaboration between the two countries he said include, agriculture, defense, healthcare infrastructure as well as socio-cultural amongst others.

“We are quite happy with the current state of engagement between India and Nigeria and there is more to be done. India Nigeria engagement willcomplete 60 years in 2018 and we are working to see how this engagement can be further enhanced. Engagement at higher levels have provided sufficient platforms for enhancing India Nigeria relationships.

“Let’s not forget at this point in time, India is the largest trading partner of Nigeria. Similarly for India, Nigeria is the largest trading partner in Africa, which means there is considerable bilateral economic engagement which is providing us with sufficient momentum to keep the relationship to grow further.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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