Areas identified for enhancing bilateral trade at Abuja JTC meeting
Indian and Nigerian trade delegates https://hciabuja.gov.in/ have agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties.
This follows the delegations’ comprehensive dialogue and detailed review of recent developments in bilateral trade https://fieo.org/ and investment ties, acknowledging the vast untapped potential for further expansion.
Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments https://trade.gov.ng/ , the Commerce and Industry Ministry said on 3 May 2024 in New Delhi.
These include resolving of market access issues of both sides, and cooperation in key sectors https://www.conexpoconagg.com/ such as crude oil and Natural Gas https://www.opec.org/opec_web/en/ , Pharmaceuticals, Unified Payments Interface (UPI), Power Sector and Renewable Energy, Agriculture & Food Processing, Education, Transport, Railway, Aviation, MSMEs, Development etc., said the ministry.
A seven-member Indian delegation was led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Amardeep Singh Bhatia, accompanied by High Commissioner of India to Nigeria, G Balasubramanian, and Economic Adviser, Department of Commerce, Priya P. Nair.
They held the Joint Trade Committee (JTC) meeting in Abuja from 29-30 April 2024, which was co-chaired by Permanent Secretary, Federal Ministry of Industry Trade and Investment, Nigeria, Ambassador Nura Abba Rimi who also led the Nigerian delegation.
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.
A business delegation led by CII https://www.cii.in/ also accompanied the official delegation comprising representatives from various sectors like power https://www.iea.org/ , fintech, telecommunications, electrical machinery and pharmaceuticals among others https://pharmaceuticals.gov.in/ .
The deliberations of the 2nd Session of India-Nigeria JTC were cordial and forward-looking, indicative of the amicable and special relations between the two countries, the ministry said.
Nigeria is the 2nd largest trading partner of India in Africa. Bilateral trade between India and Nigeria stood at US$11.8 billion in 2022-23. However, bilateral trade slowed down in 2023-24 US$7.89.
With a total investment of US$27 billion, approximately 135 Indian companies https://ficci.in/api/home are actively engaged in Nigeria’s vibrant market. These investments traverse diverse sectors, encompassing infrastructure, manufacturing, consumer goods and services. Fiinews.com
