Nigeria and India Strengthen Economic Ties: Focus on Trade, Investment, and Key Sectors
Nigeria and India have reaffirmed their commitment to deepening bilateral relations, focusing on trade, investment, and cooperation in sectors like energy, agriculture, and pharmaceuticals. At a business seminar organized by the Lagos Chamber of Commerce and Industry, stakeholders from both countries discussed strategies to strengthen economic ties. India’s Acting High Commissioner to Nigeria, Vertika Rawat, highlighted India’s dedication to Africa’s development, emphasizing Prime Minister Modi’s priority on African relations. She reiterated India’s commitment to fostering growth on terms that would empower rather than limit African nations.
Rawat also underscored India’s role as a reliable partner, supporting Nigeria’s socio-economic growth while respecting its preference for investment-driven partnerships. She urged Nigerian businesses to explore opportunities in India’s sectors like fintech, artificial intelligence, and healthcare, particularly in vaccine manufacturing. Additionally, Rawat highlighted the ongoing collaboration between the two countries in agricultural research, including a center in Kano focused on crops like millet.
The healthcare sector was another area of focus, with Rawat praising the growth of Indian hospitals in Nigeria and the ongoing partnership between India’s Serum Institute and BioVaccine Nigeria. She called for increased cooperation in providing medical treatment in Nigeria and specialized procedures in India. Furthermore, Rawat encouraged Nigeria to join global initiatives like the International Solar Alliance and explore opportunities in solar energy, with India offering $2 billion in concessional credit for off-grid solar projects across Africa.
LCCI President Gabriel Idahosa emphasized the growing trade between the two nations, noting a significant increase in Nigeria’s merchandise trade in 2024. He acknowledged India as Nigeria’s fourth-largest export destination, with a focus on energy, especially crude oil. However, Idahosa called for a broader exploration of sectors like technology, agriculture, and pharmaceuticals to diversify and sustain bilateral trade. Both leaders agreed on the importance of addressing challenges such as power supply, security, and foreign exchange to unlock new opportunities for growth.
source: punch