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India, Nigeria trade volume hits $12b

The trade volume between India and Nigeria hit US$12 billion between April 2017 and March 2018, Indian High Commissioner to Nigeria, Nagabhushana Reddy, has said.
 
Reddy unveiled the trade interaction between the countries at a flag hoisting ceremony to mark the 72nd Independence of India in Abuja.
 
The trade figures between of the countries as at January 2018 was US$10 billion.
 
In 2015, the volume of trade between countries was US$17 billion and fell to US$12 in 2016.
 
 The high commissioner, however, said that the current figures represented a 26 per cent increase from the previous financial year.
 
 “Looking at the bilateral relations, our financial year is from April last year to March this year. We have been able to register 12 billion dollars of bilateral trade which marks an increase of 26 per cent from the previous year.”
 
He reiterated that Nigeria remained one of India’s major exporter of crude oil, adding that both countries were exploring other areas of bilateral relations.
 
“We are looking at bringing more Indian companies here and looking at not just a buyer-seller arrangement but to do more investments.
 
“As of today, Indian companies have invested about US$10 billion and I think there are about 135 Indian companies in Nigeria.
 
 “I can mention that Indian investments are in the field of pharmaceuticals, electrical manufacturing, assembly lines for automobiles particularly agricultural related.”
 

 The envoy said that 2018 also marked 60 years of diplomatic relations between both countries adding that several programmes were being organised to harness various areas of cooperation.