Nigeria, India trade hits N2.7trn

Trade volume between India and Nigeria reached $16.67 billion (about N2.7 trillion) in 2013, even as the Federal Government has called for the deepening and expansion of the existing cooperation between India and other African countries. The government is seeking for cooperation in such areas as energy, textiles, pharmaceuticals and maritime security.

Speaking at a meeting with the business delegates from India in Lagos, the Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, said India has become Nigeria’s number one trading partner.

He said as part of efforts to strengthen the already existing economic ties between the two countries, the two countries are set to partner on trade facilitation and Micro, Small and Medium Enterprises (MSMEs) development.

Aganga said his ministry would work with the Indian Government to boost industrial skills development and enhance trade facilitation between the two countries, citing two lessons Nigeria could learn from India’s experience, namely, her success in productivity growth through smallholder agriculture and MSMEs development, which requires both market-based incentives and public support. He said this had formed the cornerstone of the Indian economy.

Second is the role played by leadership and a capable public administration at all levels of the government to support the economy. “It is within this context that the two inter-related issues of private investment and aid flows from India may be of benefit to West Africa’s poor. There are also domestic policy lessons with potentially even larger long-term benefits we can learn from the Indian experience,” he said.

The First Secretary in the High Commission of India, Mrs. Rani Mallick, said the Indian government was ready to work with Nigeria to improve the ease of doing business and boost skills acquisition among Nigerians.

Speaking further, Mrs. Mallick said trade volume between India and Nigeria reached $16.67 billion (about N2.7 trillion) in 2013, adding that the trade relation between the two countries was favorable to Nigeria.

“India has long been Nigeria’s privileged business partner in various sectors and our engagement is expanding by the day. India is today Nigeria’s largest trading partner.

During the past few years, bilateral trade has doubled and Indian exports to Nigeria have tripled. Today, Nigeria is India’s largest trading partner in Africa with $16.67 billion in direct bilateral trade in 2013,” she said.

She said there were over 100 Indian companies with cumulative investments as well as creating jobs in Nigeria, however, that both countries had yet to adequately harness the bilateral trade potentials.