Nigeria, India to expand $12bn bilateral trade

The Federal Government and the Government of India are working on ways to enhance the $12bn annual bilateral trade between both countries in a way that will focus on investment.

The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, said the partnership had become imperative as a result of the economic potential of both countries.

A statement from the minister revealed that Enelamah spoke during a meeting with the Indian High Commissioner to Nigeria, Mr Shri Abhav Thakur, in his office.

He commended the level of relationship between Nigeria and India but said it had become necessary to expand it beyond trade for increased investment.

Nigeria, India to expand $12bn bilateral trade

The minister welcomed the envoy’s interest in Project Made in Nigeria for Export, 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 three Development Finance Institutions: Afreximbank, Bank of Industry and the Nigeria Sovereign Investment Authority for the project.

Thakur, who expressed interest in the project, stated that Nigeria and India were important trade partners, noting that there was the need to grow the partnership.

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