Nigeria, India reach accord to boost trade


India’s High Commissioner to Nigeria, Gangadharan Balasubrmanian, says New Delhi and Abuja are moving to strengthen ties from traditional business cooperation to new areas to boost trade.

 Balasubrmanian who made the assurances during the commemoration of India’s 76th Independence Day on Monday in Abuja said that the new areas of cooperation will include Fintech, artificial intelligence, scientific development and solar energy. He noted that this will further strengthen the bilateral ties between both countries.

Indian-Nigerian-relation to boost trade

 The High Commissioner noted that the trade and economic relations between India and Nigeria have been very strong, with over 135 Indian companies operating in various sectors, from agricultural products to petroleum products and from pharmaceuticals to textiles, among other sectors.

 “So, there is a large possibility of increasing this trade and economic cooperation between our two countries,” he said, adding that since 1958 when the two countries established diplomatic ties, their relationship had remained one of the best.

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 “Since 1958 our relationship has developed in various ways almost in all places. Human capacity development is one of the most important areas we are concentrating on in Nigeria,” he stressed.

Maintaining that the volume of trade between both countries has increased after the COVID-19 pandemic, he disclosed that the trade volume between India and Nigeria reached $14.95 billion in 2021, adding that the trade volume further increased substantially after the COVID-19 pandemic on both sides.

 “India is a major importer of crude oil from Nigeria, as it imports about $10 billion worth of oil from Nigeria. India also exports several items such as agricultural, petroleum, pharmaceutical and scientific products, among others to Nigeria and it has been a win-win situation for both countries,” he stated.

 Balasubramanian said his country was happy with assistance and cooperation of successive Nigerian governments, adding that he could boldly say that the relationship between the two countries remains very cordial.

 Also disclosing that both countries have established military cooperation and training of military personnel, he maintained that India would be happy to continue its partnership and cooperation with Nigeria going forward.

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