India Promises to Buy More Nigerian Crude Oil

Oil Prices below $50

The Indian Government has promised to increase the volume of crude oil it buys from Nigeria. The Asian country also promised to invest $5bn in the Nigerian economy.

The Indian Vice President, Mohammad Ansari, made the pledge on Tuesday at the State House, Abuja, when he visited President Muhammadu Buhari.

According to a statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, Ansari said the relationship between Nigeria and India was near perfect as both countries “have nothing to quarrel about.”

In his response, Buhari praised the government of India for the plan to invest in Nigeria.

The President said Nigeria would continue to expand its relationship with India in the areas of health, education, agriculture, technology and trade.

Buhari noted that India had already invested about $10bn in the Nigerian economy.

He said Nigeria would emulate the Asian country’s agricultural model and capacity to feed its one billion population and also export to other countries, describing India as “sustainable and prosperous” nation.

The President noted that Nigeria would continue to support the reform of the United Nations Security Council, pointing out that it was unfair on the rest of the world for five countries to exercise power of “yes or no” in the UN.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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