2nd Session of India-Nigeria Joint Trade Committee held in Abuja
Both sides to finalise Local Currency Settlement System Agreement soon
Several areas of focus identified: Digital Economy and Digital Public
Infrastructure, Crude oil and Natural Gas, pharmaceuticals
A seven-member delegation from India led by Additional Secretary,
Department of Commerce, Ministry of Commerce and Industry, Amardeep Singh
Bhatia, accompanied by High Commissioner of India to Federal Republic of
Nigeria, G Balasubramanian and Economic Adviser, Department of Commerce, Priya
P Nair held a Joint Trade Committee (JTC) meeting with their Nigerian
counterparts in Abuja from 29.04.2024 to 30.04.2024. The JTC was co-chaired by
Permanent Secretary, Federal Ministry of Industry Trade and Investment, Nigeria,
Ambassador Nura Abba Rimi; and Additional Secretary, Department of Commerce.
In a comprehensive dialogue, both sides undertook a detailed review of
recent developments in bilateral trade and investment ties and acknowledged the
vast untapped potential for further expansion. To this effect, both sides
identified several areas of focus for enhancing both bilateral trade as well as
mutually beneficial investments. These include resolving of market access
issues of both sides, and cooperation in key sectors such as Crude oil and
Natural Gas, Pharmaceuticals, Unified Payments Interface (UPI), Local Currency
Settlement System, Power Sector and Renewable Energy, Agriculture & Food
Processing, Education, Transport, Railway, Aviation, MSMEs, Development etc.
Both sides agreed to early conclusion of Local Currency Settlement System
Agreement to further strengthen bilateral economic ties.
Official delegation from India consisted of officials from Reserve Bank
of India (RBI), EXIM Bank of India and National Payments Corporation of India
(NPCI). The officials of both sides actively engaged in the proceedings of the
JTC. The discussions were held in a cordial and friendly atmosphere and were
fruitful. There was enthusiastic response towards greater cooperation,
addressing pending issues, boosting trade and investment, greater people to
people contacts.
In a concerted effort to bolster bilateral trade, both sides committed
to expeditiously address all issues impeding bilateral trade and facilitate
trade promotion between the two nations. A business delegation led by CII also
accompanied the official delegation comprising representatives from various
sectors like power, fintech, telecommunications, electrical machinery,
pharmaceuticals, etc. The deliberations of the 2nd Session of India-Nigeria JTC
were cordial and forward-looking, indicative of the amicable and special
relations between the two countries.
Nigeria is a major partner- the 2nd largest trading partner of India in
Africa region. Bilateral trade between India and Nigeria stood at USD 11.8
billion in 2022-23. In the year 2023-24, the bilateral trade stands at 7.89
billion showing a declining trend. With a total investment of USD 27 Billion,
approximately 135 Indian companies are actively engaged in Nigeria’s vibrant
market. These investments traverse diverse sectors, encompassing
infrastructure, manufacturing, consumer goods and services.
