MON APRIL 29 2024-theGBJournal|Nigeria and India began joint trade summit today in Abuja to improve their bilateral ties and ease commerce.
Ambassador Nura Abba Rimi, Permanent Secretary Federal Ministry of Industry, Trade, and Investment, who welcomed delegations for both countries, stated that the joint meeting was called to strengthen the existing bilateral trade and investment relations between the two countries.
He said the joint bilateral meeting will focus on key priority areas with the “aim of reviewing the development and expansion of economic relations as well as exploring the possibilities of increasing and diversifying trade.”
Ambassador Rimi acknowledged the increasing volume of trade between Nigeria and India saying, “India is the largest trading partner of Nigeria in Asia especially, Nigeria’s petroleum products (which is a total of 12% India’s crude requirements) while Nigeria is ranked 4th largest importer from India with a value of USD 8.78 B according to the 2022 annual foreign Trade report.”
The Permanent Secretary assured the Indian delegation that Government is committed to facilitating a conducive environment for Trade and investment where both Nigerian and her foreign partners, including Indian businesses, can thrive.
This is why the Federal Executive Council (FEC) in March 2022 approved the Trade policy action plan (2022-2026) followed by the inauguration of trade policy of Nigeria review Committee (TPNRC) enhance service delivery in a manner that will stimulate the growth of the domestic Economy through Industrialisation, Trade, and Investment.
Ambassador Abba Rimi said the invitation and subsequent participation of Nigeria President at the G20 Summit in India was a great milestone that led to the country securing pledges worth $14 billion in investment.
”This significant commitment further strengthens the bilateral ties between the two nations, adding, “Out of the $14 billion promised President Tinubu (during his to the G20 summit in September 2023) as an investment into the Nigerian economy, $7 billion has already been signed immediately after the visit, in January 2024.”
The lead negotiator of the Indian delegation Amardeep Singh Bhatia, Additional Secretary Department of Commerce Ministry of Commerce and Industry, Government of India, expressed great optimism in anticipation of the successful outcome of the joint meeting.
According to him, “India and Nigeria have strong and historical relations.” Our bilateral connections, which date back before Nigeria’s independence, have been nurtured by both countries’ leaders, he noted.
He stated that India is eager to invest more in Nigeria, stating, “We are here to explore bilateral relations between the two countries to stimulate trade and investment, especially in the non-oil sectors of pharmaceuticals, agriculture, and mining.”
Ambassador Balasubramanian, India’s High Commissioner to Nigeria, emphasised the two countries’ strong and growing economic and trade connections. Nigeria currently hosts about 150 Indian enterprises, with a total investment of $27 billion, largely in the manufacturing sector.
The envoy noted that bilateral trade between the two countries has totaled $14.95 billion in the formal sector and around $5 billion in the informal sector during the last two years.
Over the past few years, Nigeria and India have continuously had constructive engagements. The first joint Meeting held in India in December 2019.
This enabled both countries to review the economic ties on Trade and Investment, which eventually shored up increased volume of trade and more robust bilateral relations between the two countries.
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