In a significant milestone for economic relations between Nigeria and India, bilateral trade between the two nations has surged to a staggering $20 billion over the past two years. This revelation surfaced during a committee meeting held on April 29th, Monday, in Abuja, chaired by Amb. G. Balasubramanian, India’s High Commissioner to Nigeria. The joint committee, a high-level partnership aimed at reviewing developments and expanding trade and economic relations between the two countries, has showcased the depth of collaboration between Nigeria and India. With Nigeria currently hosting approximately 150 Indian enterprises, boasting a total investment of $27 billion, primarily concentrated in the manufacturing sector, the economic ties between the two nations continue to flourish.
Amb. G. Balasubramanian emphasized that bilateral trade has totaled $14.95 billion in the formal sector and an additional $5 billion in the informal sector over the past two years. These numbers underscore the robust nature of the economic exchange between Nigeria and India. Over the past few years, Nigeria and India have maintained constructive engagements on trade and investment-related issues, fostering an environment conducive to mutual growth and prosperity. The permanent secretary of Nigeria’s Ministry of Industry, Trade and Investment, Nura Rimi, reiterated Nigeria’s unwavering commitment to bolstering economic relations with India.
Acknowledging India as Nigeria’s largest trading partner, Rimi highlighted Nigeria’s position as the fourth-largest importer from India, with a value of $8.78 billion, according to the 2022 annual Foreign Trade report. The second Joint Trade Committee meeting aimed to fortify existing trade and investment relations, focusing on key priority sectors such as agriculture, solid minerals, manufacturing, oil and gas, services, and infrastructure. Expressing Nigeria’s eagerness to further enhance its partnership with India, Rimi emphasized the government’s dedication to attracting investments across various sectors. The Nigerian government aims to position the country as a gateway and the largest market for Indian companies to invest in, leveraging initiatives aimed at stimulating economic growth and achieving developmental goals.
Amardeep Bhatia, India’s additional secretary in the Department of Commerce, Government of India, reiterated India’s high regard for Nigeria, expressing optimism for fruitful outcomes from the joint meeting. Highlighting the historical and strong relations between the two nations, Bhatia emphasized India’s willingness to invest more in Nigeria particularly in the pharmaceutical, agriculture and mining sectors.
Nigeria’s participation at the G20 summit in India proved instrumental in securing pledges worth $14 billion in investments from India. Out of this amount, $7 billion had already been signed immediately after President Bola Tinubu’s visit in January 2024, marking a significant step forward in strengthening economic ties between the two countries. The joint meeting serves as a testament to the enduring friendship and cooperation between Nigeria and India, paving the way for enhanced trade, investment and mutual prosperity in the years to come.
