150 Indian companies have injected a cumulative $27 billion into Nigeria, marking a robust partnership between the two nations. The disclosure came from Mr. Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, during a commemorative dinner in Abuja celebrating India’s 75th Republic Day.
Mr. Balasubramanian underscored the historical and resilient relations between India and Nigeria, emphasizing the strength and continuous expansion of economic and trade ties. The envoy highlighted that these Indian investments, predominantly in the manufacturing sector, have generated employment, second only to the Nigerian Government.
Recognizing the unique connection, India extended a special invitation to Nigeria as a Guest Country during its G20 presidency. Additionally, the High Commissioner revealed that $7 billion of the promised $14 billion investment into the Nigerian economy, pledged during a recent visit, has already been formally committed.
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Expressing solidarity with Nigeria’s development journey, Mr. Balasubramanian conveyed the Indian government’s commitment to further fortify the bilateral relationship.
Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, reciprocated the commitment, acknowledging both nations’ dedication to South-South cooperation and mutual aspirations for reform within the UN Security Council. He highlighted various bilateral collaborations, including the Nigeria-India Joint Commission (NIJC), India’s Technical and Economic Cooperation (ITEC), and other training programs, as evidence of the robust relationship.
Representing Ambassador Tuggar, Ambassador Alex Kefas, Director of European Affairs in the Foreign Affairs Ministry, remarked on the noteworthy improvement in Nigeria-India economic relations. The trade volume between the two nations witnessed substantial growth, with Nigeria emerging as India’s largest trading partner in Africa and India reciprocating as Nigeria’s largest trading partner on the continent.
In the last two years alone, bilateral trade between Nigeria and India reached approximately USD 14.95 billion in the formal sector and an additional USD 5 billion in the informal sector, showcasing the depth and diversity of this burgeoning economic alliance.
- Tags: Economy, India, Investment
