They expressed concerns over the need to reverse the declining trade volume between both countries, which fell from $14.95 billion in 2022 to $7.89 billion in 2024.
The India Trade Expo, organised by the High Commission of India in collaboration with the Indian Professionals Forum, brought together over 200 Indian companies operating in Nigeria, reflecting India’s deep-rooted economic presence in the country.
Acting High Commissioner of India to Nigeria, Vartika Rawat, in her address, highlighted the long-standing relationship between both countries, stressing that India and Nigeria enjoy strong political, economic and cultural ties. She recalled that India established its diplomatic presence in Nigeria in 1958, even before Nigeria gained independence, underscoring the deep historical bond between the nations.
Rawat noted that India remains one of Nigeria’s top five trading partners and the presence of over 50,000 Indians in Nigeria, is a testament to the strong ties between both countries. Stressing that Indian companies are key contributors to Nigeria’s economic development, being the second-largest employers in the country after the Federal Government, shge said the success stories of Indian entrepreneurs is Nigeria’s success as well.
She further described the expo as a crucial platform for enhancing business relations and promoting shared prosperity, urging the businesses to take advantage of Nigeria’s role as a major economic force in West Africa and the opportunities created by the African Continental Free Trade Agreement (AfCFTA).
Lagos State Governor, Babajide Sanwo-Olu, described the expo as a reflection of the deep-rooted friendship between both nations, emphasizing its importance in strengthening trade, investment and cultural ties. Sanwo-Olu who was represented by the Permanent Secretary, Ministry of Commerce, Corporate, Trade and investment, Olugbemiga Aina, praised the growing presence of Indian businesses in Lagos, acknowledging that these companies go beyond trade by actively engaging in local manufacturing, contributing significantly to job creation and economic growth.
He noted that Lagos, as Nigeria’s commercial hub, is a natural partner for Indian businesses, given its vibrant economy and business-friendly environment; adding that India has presence in key sectors such as manufacturing, pharmaceuticals and ICT, which have all been invaluable in shaping Nigeria’s economic landscape. Citing the pharmaceutical sector, he noted how Indian companies have played a pivotal role in ensuring the availability of high-quality and affordable medicines for Nigerians. The governor further highlighted Lagos’ emerging opportunities in renewable energy, technology transfer, and smart city initiatives, calling on Indian investors to tap into the state’s evolving economic landscape.
Also speaking, Director General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, drew attention to the significant decline in trade volume between Nigeria and India in recent years; describing the drop as a wake-up call for stakeholders to intensify efforts in revitalising trade relations. He said though both nations have enjoyed strong diplomatic and economic ties for decades, more must be done to strengthen the relationship, he said.
He pointed out that Nigeria’s manufacturing sector has made considerable progress despite various challenges and that partnerships with Indian businesses would be crucial in driving further growth.
The DG highlighted the importance of collaboration between Nigerian and Indian manufacturers in fostering innovation, creating jobs and developing sustainable business practices, expressing optimism that the expo would serve as a launchpad for new business engagements, enabling Nigerian manufacturers tap into India’s expertise and technology.
He called on stakeholders to work towards long-term solutions that will facilitate smoother trade processes, improve market access and promote industrial cooperation; noting that though trade figures declined, there is significant potential for growth if both nations take deliberate steps to strengthen economic ties.
The expo served as a platform for business-to-business engagements, showcasing thousands of new designs across various sectors, including textiles, housewares, fashion, and manufacturing. More importantly, it facilitated direct engagement between Indian businesses and Nigerian stakeholders to explore new markets and enhance trade partnerships.
While the decline in trade volume remains a key concern, speakers at the expo expressed optimism that with strategic collaborations, both countries would not only restore previous levels but exceed them.
