The trade volume between India and
Nigeria hit US$12 billion between April 2017 and March 2018, Indian High
Commissioner to Nigeria, Nagabhushana Reddy, has said.
Nigeria hit US$12 billion between April 2017 and March 2018, Indian High
Commissioner to Nigeria, Nagabhushana Reddy, has said.
Reddy unveiled the trade interaction
between the countries at a flag hoisting ceremony to mark the 72nd
Independence of India in Abuja.
between the countries at a flag hoisting ceremony to mark the 72nd
Independence of India in Abuja.
The trade figures between of the countries as at January 2018 was US$10 billion.
In 2015, the volume of trade between countries was US$17 billion and fell to US$12 in 2016.
The high commissioner,
however, said that the current figures represented a 26 per cent
increase from the previous financial year.
however, said that the current figures represented a 26 per cent
increase from the previous financial year.
“Looking at the bilateral
relations, our financial year is from April last year to March this
year. We have been able to register 12 billion dollars of bilateral
trade which marks an increase
of 26 per cent from the previous year.”
relations, our financial year is from April last year to March this
year. We have been able to register 12 billion dollars of bilateral
trade which marks an increase
of 26 per cent from the previous year.”
He reiterated that Nigeria remained one
of India’s major exporter of crude oil, adding that both countries were
exploring other areas of bilateral relations.
of India’s major exporter of crude oil, adding that both countries were
exploring other areas of bilateral relations.
“We are looking at bringing more Indian
companies here and looking at not just a buyer-seller arrangement but to
do more investments.
companies here and looking at not just a buyer-seller arrangement but to
do more investments.
“As of today, Indian companies have invested about US$10 billion and I think there are about 135 Indian companies in Nigeria.
“I can mention that Indian
investments are in the field of pharmaceuticals, electrical
manufacturing, assembly lines for automobiles particularly agricultural
related.”
investments are in the field of pharmaceuticals, electrical
manufacturing, assembly lines for automobiles particularly agricultural
related.”
The envoy said that 2018
also marked 60 years of diplomatic relations between both countries
adding that several programmes were being organised to harness various
areas of cooperation.
also marked 60 years of diplomatic relations between both countries
adding that several programmes were being organised to harness various
areas of cooperation.
