shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Nigeria-India bilateral trade hits $20bn in 2 years- Envoy

Nigeria-India bilateral trade hits $20bn in 2 years- Envoy

by Joshua
April 30, 2024
in Featured, News

From Left to Right; India High Commissioner to Nigeria, Amb. Bala Manian, Leader of Indian Delegation to Nigeria, Mr Amardeep Bathia, Permanent Secretary Federal Ministry of Industry, Trade and investment, Amb. Nura Rimi and Director, Economic Trade and investment, Amb. Bolaji Akinyemi at the Second Nigeria-India joint trade committee meetings in Abuja on Monday.

Amb. Bala Manian, India’s High Commissioner to Nigeria, said the bilateral trade between Nigeria and India in two years was about 20 billion dollars.

Manian said this at the second Nigeria- India Joint Trade Committee meeting held on Monday in Abuja.

The News Agency of Nigeria (NAN) reports that the joint committee is a high -level partnership aimed at reviewing the developments, expansions of trade, and economic relations between both countries.

“Nigeria currently hosts about 150 Indian enterprises, with a total investment of 27 billion dollars, largely in the manufacturing sector.

“Bilateral trade between the two countries has totalled 14.95 billion dollars in the formal sector and about five billion dollars in the informal sector in the last two years.

The Envoy said that over the past few years, Nigeria and India have had continued constructive engagements on trade and investment related issues.

Earlier, the Permanent Secretary, Ministry of Industry, Trade and Investment, Amb. Nura Rimi reiterated Nigeria’s commitment to drive economic relations with India.

Rimi acknowledged the increasing volume of trade between Nigeria and India, saying, “India is the largest trading partner of Nigeria.

“Nigeria is ranked 4th largest importer from India with a value of 8.78 billion dollars according to the 2022 annual foreign Trade report.”

He said the second Joint Trade Committee meeting was to strengthen the existing trade and investment relations between both countries.

“It focuses on identified key priority sectors with the aim of reviewing the development and expansion of trade and economic relations as well as exploring the possibilities of increasing and diversifying trade.

“The Ministry is striving to position the country on the path of sustainable prosperity through appropriate policies that will enhance service delivery.

“In a manner that will stimulate the growth of the domestic economy through industrialisation, trade and investment.”

Rimi expressed the desire of the Nigerian government to further boost its partnership with India.

“Nigeria is looking forward to a better cooperation with the Indians to create the opportunities to reposition Nigeria as a gateway and largest market for Indian companies to invest.

“The position of this present administration is to boost Nigeria’s trade and investment by introducing some initiatives to attract investments into the six priority sectors.

” The sectors are Agriculture, Solid Minerals, Manufacturing, Oil and Gas, Services and Infrastructure. I truly and strongly believe in our two Countries’ friendship and cooperation for many years.

“I will ideally be pleased to see that we provide a sustainable platform for economic growth which will help us to achieve our Developmental Goals,” he said.

Mr Amardeep Bhatia, India Additional Secretary, Department of Commerce, Government of India, said that India had attached very high importance to Nigeria.

He expressed optimism on the successful outcome from the joint meeting.

“India and Nigeria have strong and historical relations. Our bilateral connections, which date back before Nigeria’s independence, have been nurtured by both countries’ leaders.

“This provides an opportunity for both sides to renew the bilateral trade and also ensure that there is a continuity in the discussions..

“Continuity to solve the problems which our businesses face and ensure that it is done in a very smooth manner.

“In spite of our ongoing investments , India is eager to invest more in Nigeria, especially in the areas of pharmaceuticals, agriculture, and mining among others,” he said.

NAN reports that Nigeria’s participation at the G20 Summit in India led to the country securing pledges worth 14 billion dollars in investment from India.

Out of the 14 billion dollara promised President Bola Tinubu during the G20 summit in September 2023, seven billion dollars had already been signed immediately after the visit in January 2024.

The first joint meeting was held in India in December 2019.


Related Posts

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025
Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

July 12, 2025
NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

July 12, 2025
NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

July 12, 2025

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition