FG AND INDIA AIM TO EXPAND $11.8BN BILATERAL TRADE

Date:

The Federal Government of Nigeria is actively seeking to expand its bilateral trading partnership with the Republic of India, targeting growth in key sectors to boost the Nigerian economy.

During a meeting at the Nigeria-India Business Council in Abuja, Dr. Doris Uzoka Anite, the Minister of Industry, Trade and Investment, commended India for its significant investments in Nigeria. She highlighted the sixth session of the Nigeria-India Joint Commission meeting, where both countries discussed various economic aspects.

Anite emphasised the importance of trade relations between Nigeria and India, noting that India is among Nigeria’s top 10 trading partners, while Nigeria holds the position of India’s largest trading partner in Africa. Despite a dip in total bilateral trade from $14.95 billion in 2022 to $11.8 billion in the previous year, the minister applauded the ongoing efforts to strengthen economic ties.

The minister shared insights from her visit to India, where she engaged with pharmaceutical companies interested in entering or expanding operations in Nigeria. One of these companies is in the process of establishing a new $10 million plant in Ota, Ogun State, intending to produce pharmaceutical products locally.

During the meeting, the Minister of Marine and Blue Economy, Adegboyega Oyetola, highlighted the potential of Nigeria being a coastal state with an extensive coastline along the Atlantic Ocean. He emphasised Nigeria’s maritime assets: including deep-sea ports, river ports, and jetties; positioning the country as a natural hub for shipping in Africa.

 

 

 

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

FCCPC ORDERS MONITORING OF MARKET PRICES AMID NAIRA APPRECIATION

The Federal Competition and Consumer Protection Commission (FCCPC) has...

NEW AKWA IBOM POLICE PUBLIC RELATIONS OFFICER ASSUMES DUTY

The newly appointed Police Public Relations Officer (PPRO) for...

UEFA Champions League: Mbappe Stars As PSG Beat 10-man Barcelona

Luis Enrique returned to Barcelona to knock his former...

Tennis: Nadal Makes Triumphant Return At Barcelona Open

Rafael Nadal enjoyed a winning start at the Barcelona...