Bilateral trade volumes hit $15b yearly
Indian companies have cumulatively invested $20billion into the Nigerian economy by way of setting manufacturing companies and creating jobs.
Its Consulate-General, Lagos, Mr Shri Chandramouli Kern, in an email note with The Nation, also said Nigeria is also the biggest trading partner of India with trading volumes hovering around $15billion yearly.
The envoy, who was at the Securex West Africa Exhibition held at Landmark Event Centre, Oniru, Lagos Island, when he visited the stand of Virdi Nigeria, said: “India is the biggest trading partner of Nigeria. Our bilateral trade hovers around $15 billion per year.The cumulative investment of Indian companies in Nigeria is to the tune of $20 billion.”
He said Indian companies are contributing positively to the growth of Nigeria’s economy, adding that the bilateral relation will continue to grow from strength to strength.
“Indian companies are doing good in several sectors. I was very much impressed with the presence of several Indian-led companies in Securex 2023, which is one of the biggest such exhibitions in Africa.
“Technology related to access control through biometrics and security through artificial intelligence (AI)-enabled cameras is mandatory in the present scenario. Companies like Virdi Nigeria and others are offering state of the art solutions for home and enterprises. Arvind Mills were also present with their fire retardant clothings which is essential in the oil and gas Industry,” he said.
India’s exports to Nigeria include mineral fuels, oils, distillation products, machinery, nuclear reactors, boilers, vehicles other than railway, tramway, pharmaceutical products, electrical, electronic equipment, and paper and paperboard.
Others are articles of pulp, paper and board, organic chemicals, Animal, vegetable fats and oils, cleavage products, articles of iron or steel, miscellaneous chemical products, Optical, photo, technical, medical apparatus, tanning, dyeing extracts, tannins, derivatives, pigments, iron and steel, inorganic chemicals, precious metal compound, isotope, They are also textile articles, sets, worn clothing, aluminum and many others including fish, crustaceans, molluscs, aquatics invertebrates, aircraft, and spacecraft