(Ecofin Agency) – India is one of the largest investors in Nigeria’s economy. The two countries maintain commercial relations which have continued to intensify in recent years.
Nigeria and India have agreed to strengthen their trade relations in several key sectors, Indian media reported on Friday (May 3). The agreement was reached during the second session of the India-Nigeria Joint Trade Committee (JTC), held on April 29-30, 2024 in the Nigerian capital Abuja.
Among the areas concerned, that of oil and natural gas. Stakeholders also want to remove obstacles to promoting investments in the renewable energy and pharmaceuticals sectors. Additionally, efforts are underway to finalize an agreement to establish a local currency settlement system.
The prospects linked to this development should ultimately contribute to the strengthening of commercial relations between India and Nigeria, which constitutes the second commercial partner of the Asian giant in Africa. This, in line with India’s announced ambition to increase its investments on the continent.
According to data from The Observatory of Economic Complexity (OEC), Nigeria exported $8.2 billion worth to India out of $5.43 billion worth of Indian exports to the African country, in 2022.
Still according to the OEC, crude oil, petroleum gas and nitrogen fertilizers dominate Nigeria’s exports totaling $7.35 billion, $443 million and $175 million respectively. As for India, it exported a diverse range of products to Nigeria, including refined petroleum and packaged medicines, worth a total of $2.37 billion and $409 million respectively.
Abdel-Latif Boureima
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