India and Nigeria have pledged to strengthen bilateral trade and investment ties through focused collaboration and cooperation.
This commitment was reaffirmed during a Joint Trade Committee (JTC) meeting held in Abuja this week, where both nations identified areas of mutual interest and potential for further expansion.
Led by a seven-member delegation from India, including officials from the Ministry of Commerce & Industry, the meeting aimed to review recent bilateral trade and investment developments and explore avenues for enhanced cooperation.
The discussions highlighted the vast untapped potential for expanding bilateral trade and investment between India and Nigeria.
Both sides identified vital sectors such as crude oil and natural gas, pharmaceuticals, financial technology (fintech), power, renewable energy, agriculture, education, and transportation as focus areas for collaboration.
Specific initiatives, including resolving market access issues, cooperation in financial systems like the Unified Payments Interface (UPI) and Local Currency Settlement System, and the early conclusion of agreements, were emphasized to strengthen economic ties.
A business delegation from India, led by the Confederation of Indian Industry (CII), accompanied the official delegation, comprising representatives from various sectors like power, telecommunications, and pharmaceuticals, further demonstrating the commitment to bolstering trade relations.
The discussions during the JTC meeting were forward-looking and indicative of the cordial relations between India and Nigeria.
Officials from both sides actively engaged in addressing pending issues, fostering greater cooperation, and promoting trade and investment.
Recall that India signed a $7 billion investment deal with Nigeria, marking a substantial step towards fulfilling the $14 billion investment pledge made during the G20 Summit in September 2023.
The Indian High Commissioner to Nigeria, Mr Gangadharan Balasubramanian, announced this during India’s 75th Republic Day celebrations in Abuja recently.
Balasubramanian stated that nearly 150 Indian companies are currently operating in Nigeria, with a combined investment of $27 billion, predominantly in the manufacturing sector.
