India’s Ministry of Commerce and Industry has said that both sides held a comprehensive dialogue to review the recent developments in bilateral trade and investment ties, while acknowledging the vast untapped potential for further expansion.
Several areas of focus have been identified for enhancing bilateral trade and investments, which include resolution of market access issues on both sides, and cooperation in sectors like crude oil, natural gas, power, Pharmaceuticals, Unified Payments Interface (UPI), renewable energy, agriculture, food processing, education, transport, railway, aviation and MSMEs.
India’s 7-member delegation was led by Amardeep Singh Bhatia, Additional Secretary with the Department of Commerce; who co-chaired the JTC along with Nigeria’s Permanent Secretary with its Federal Ministry of Industry, Trade and Investment.
India’s official delegation also comprised of officials from Reserve Bank of India (RBI), EXIM Bank of India and National Payments Corporation of India (NPCI), as well a delegation from the CII.
In a concerted effort to bolster bilateral trade, both sides committed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two nations.
Nigeria is the 2nd largest trading partner of India in Africa region, with a bilateral trade worth $11.8 billion in 2022-23. In the year 2023-24, the bilateral trade stood at $7.89 billion, showing a declining trend.
With a total investment of $27 Billion, approximately 135 Indian companies are actively engaged in Nigeria’s market, with investments in sectors like infrastructure, manufacturing, consumer goods and services.
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