Bilateral trade between Nigeria and India is expected to reach $40 billion from the current $14-$15 billion, offering a “big opportunity”, The Guardian reported, citing Nigeria-India Business Council (NIBC) President V. Sharma.
The establishment of NIBC will aid in expanding trade and investment between the countries, with a prime focus on entrepreneurship and vocational training.
“India is already doing great business with this country and will continue to import crude and gas from the country,” Sharma added.
About 135 Indian companies are operating in Nigeria with investments worth $20 billion, according to India’s Minister of State of External Affairs, V. Muraleedharan.
Nigeria had been India’s largest trading and energy partner in Africa, with bilateral trade between both countries in 2021-22 rising substantially over the previous year to touch $14.95 billion, he stated.
Nigeria’s Vice President Yemi Osinbajo said that both countries need to explore new areas of business and cooperation to further strengthen bilateral ties.
He emphasised the need for partnership on entrepreneurship to help reduce unemployment in the country.
Osinbajo pledged the government’s commitment to creating an environment conducive for Indian businesses to thrive, seeking to focus on the medical and educational services for which Nigerians travel to India.
The federal government will render the necessary support to all inward investment, offering incentives such as pioneer starters, rural location incentives, export expansion scheme, gas utilisation and investment allowances, he noted.
(Editing by Seban Scaria firstname.lastname@example.org )