The federal government, Tuesday said it was seeking to expand over $11.8 billion bilateral trading partnership with the Republic of India in a bid to boost growth in key sectors of the Nigerian economy.
The Minister of Industry, Trade and Investment, Dr. Doris Anite made the disclosure at the Nigeria-India Business Council (NIBC) in Abuja.
She said: “India is among Nigeria’s top 10 trading partners, and Nigeria is India’s largest trading partner in Africa.”
“The total bilateral trade between India and Nigeria as of 2022 stood at $14.95 billion, as against $8.81 billion during the year 2020 – 2021; this, unfortunately, dipped to $11.8bn last year but remains a clear indication of the importance of trade relations between our two nations. “
Anite explained that during her time in India, she met with several pharmaceutical companies, many of whom were interested in coming into the Nigerian market or expanding already existing operations.
She said: “Since our visit, one of these companies is in the process of setting up a new $10m plant in Ota, Ogun State. They currently sell approximately 100 pharmaceutical products in Nigeria and approximately 50 per cent are imported.
“This plant is the first step in making sure their products are 100% locally produced. This is the kind of development that we want to see more of and we urge other Indian manufacturers to also support our backward integration drive in this way.”
She welcomed the Indian delegation, “Nigeria is home to approximately 150 Indian companies, many of which are such strong household names that we have embraced them as our own.
On his part, the Minister of Marine and Blue Economy, Adegboyega Oyetola, expressed optimism that the Forum would further strengthen the bilateral ties between the two countries.
This, he said, would increased the foreign direct investment, facilitate capacity/ technology transfer and foster sustainable business partnerships between the government and private sector of both countries.
Oyetola added: “You may wish to note that Nigeria is a Coastal State with an extensive coastline stretching over Eight Hundred and Fifty-Three (853) Kilometers along the Atlantic Ocean which serves as a natural hub for shipping in the continent of Africa.
“The country has the shortest distance from the coast to most of the landlocked neighbouring nations in West and Central African regions.”
The Minister of External Affairs of India, Dr. S. Jaishankar said this was the first time that a Foreign Affairs Minister from India would be visiting Nigeria.