Nigeria and India are working to focus on more investments to increase the already $12billion annual bilateral trade.
The Minister of Industry, Trade and Investment, Okechukwu Enalema, said during a visit by the Indian High Commission to Nigeria Mr. Shri Abhav Thakur.
Applauding the relationship between Nigeria and India, he said it had become necessary to expand the trade beyond for increased investment.
He added that because of the fundamental co-operation between both countries and their common heritage in the commonwealth of Nations, Nigeria is restructuring her economy and bilateral relationships should reflect same.
The minister welcomed the envoy’s interest in Project Mine, a new initiative by Nigeria to develop world-class special economic zones to position Nigeria as the pre-eminent manufacturing hub in sub-Saharan Africa, and a major exporter of made in Nigeria goods and services regionally and globally.
Last month, the Federal Government signed investment agreements with Development Finance Institutions, Afreximbank, Bank of Industry and the Nigeria Sovereign Investment Authority (NSIA) for the project.
Mr. Thakur, who expressed interest in the project, requested a formal briefing to enable him sell the opportunities to Indian investors.
The High Commissioner, who is new in the country, congratulated the Minister for the electoral victory of President Muhammadu Buhari and his government.
He stated that Nigeria and India are important trade partners and expressed the need to grow the partnership. He said his country was looking forward to the Joint Trade Committee meeting holding in India in April.
India and Nigeria, in 2017, agreed to establish the Committee at the level of Commerce Secretary from Indian side and Permanent Secretary from Nigerian to review the ongoing bilateral trade and commercial relations.