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Nigeria, India trade volume hits $20b

The trade volume between Nigeria and India has hit over $20 billion, heralding a strong bilateral relationship between the two countries.

The President of the Lagos Chamber of Commerce and Industry, Mr. Babatunde Ruwase, said at the anniversary of Diplomatic Engagement between Nigeria and India tagged ‘Nigeria-India at 60: People, Partnerships, Prospects’.

He charged Indian investors to take advantage of Nigeria’s agricultural, health and ICT sectors, pointing out that both countries could achieve a lot in these sectors.

In his speech at the event, the Chairman, Nigerian Indian Chamber of Commerce and Industry, Chevalier Itsueli, said that there was a need to sustain the depth of the relationship, adding that Indian companies were the biggest employers of labour after the Federal Government.

He added that Indian export was also growing in leaps and bounds with its prowess on Information and Communication Technology and medicine.

In his remarks, the Minister of State for External Affairs, Republic of India, Mobashar Akbar, said Nigeria and India had a bridge of shared horizon, advising that both economies must complement rather than compete with each other.

He urged the governments of both countries to trade more, while also stressing the need for Nigeria to add value to its natural resources rather than exporting them in the raw form.