FG, India collaborate to enhance $12bn biliteral trade

The Federal government in a bid to improve the country’s economic growth through investment particularly into the manufacturing sector is working forwards enhancing the $12 billion Nigeria and India annual bilateral trade.

Speaking in Abuja on Wednesday while receiving the Indian High Commissioner to Nigeria, Mr Shri Abhav Thakur, in his office, Minister of Industry, Trade and Investment, Okechukwu Enelamah lauded the relationship between Nigeria and India but said: “It has become necessary to expand it beyond trade for increased investment.”

He said Nigeria is restructuring and her economy and bilateral relationships should reflect the same.

According to a statement made available by the Strategy and Communications Adviser to Minister, Bisi Daniels, Enelamah noted that there is a new initiative by the Nigerian government to develop world-class special economic zones.

He noted that with vibrant economic zones, Nigeria will position herself as the pre-eminent manufacturing hub in sub-Saharan Africa, and a major exporter of goods and services regionally.

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Responding, the High Commissioner, Shri Thakur expressed interest in the Special Economic Zones project, and requested a formal briefing to enable him to sell the opportunities to Indian investors.

He stated that Nigeria and India are important trade partners and expressed the need to grow the partnership, stating that his country was looking forwards having Nigeria at the Joint Trade Committee meeting holding in India in April 2019.

It will be recalled that India and Nigeria, in 2017, agreed to establish the Committee at the level of Commerce Secretary from Indian side and Permanent Secretary from Nigerian to review the ongoing bilateral trade and commercial relations.