Nigeria-India trade volume hits $9.4 billion

The value of trade between Nigeria and India has hit $9.4billion, just as the two countries prepare to mark 60 years of diplomatic relations in 2018, since the establishment of such relations in 1958.

Indian High Commissioner to Nigeria, Nagabhushana Reddy, said this at an event to mark the 69th Republic Day of India in Abuja at the weekend.Reddy disclosed that over the years, both countries have remained strategic partners with improved levels of cooperation between them.According to him, with a bilateral trade volume of $9.4billion in 2017, India has become the largest trading partner of Nigeria in the world.

Nigeria has also become the largest trading partner of India in Africa. He noted that India has enjoyed a harmonious bilateral relationship with Nigeria in that last six decades.“India is now the largest trading partner of Nigeria globally, and Nigeria is the largest trading partner of India in Africa with bilateral trade of $9.4billion last year.”

Both countries have had existing relations in various areas including agriculture, defence, trade, capacity building, healthcare, infrastructure, and socio-cultural relations.The envoy, in an interview with journalists, said most of the trade volumes are oil imports from Nigeria, which stand at 80 per cent compared to 20 per cent of Indian exports to Nigeria.

“Though, we are the largest purchaser of crude oil from Nigeria, there is room for improvement.“The trade balance is 80-20, where 80 per cent is what we import from Nigeria, and 20 per cent we export which is essentially in pharmaceuticals, engineering equipment, automobile to some of the specialised products particularly in the power sector.

“We also have some amount of fuel being sold here by Indian oil companies.”The envoy added that India is an emerging development partner of Nigeria, with emphasis on sharing of knowledge and experience with a view to improving capacity building in diverse areas.

He reiterated that about 500 trainings were offered annually under the India Technical and Economic Cooperation (ITEC) programme.Furthermore, he reiterated the readiness and commitment of his government to extend developmental assistance for projects of national importance to Nigeria.

The Director, Regions, Ministry of Foreign Affairs, Amb. Olusola Iginla, expressed optimism in the relations shared between both countries, and reaffirmed Nigeria’s readiness to “cooperate in the conclusion of all outstanding agreements” to strengthen bilateral relations.

Iginla said: “I will conclude by expressing Nigeria’s gratitude to the Indian High Commission for sustaining the excellent relations that exist between the two countries.

“I also request that the High Commissioner conveys the willingness of the Government of Nigeria to partner with the Government of India, and its private sector in accelerating the Economic Recovery and Growth Plan of Nigeria for the mutual benefit of both countries.”