Indian firms invest $27bn in Nigeria’s economy
Indian High Commissioner to Nigeria, Mr. Gangadharan Balasubramanian says that 150 Indian companies have invested $27 billion in Nigeria.
Balasubramanian who stated this in Abuja at a dinner to mark the 75th Republic Day of India , noted that India and Nigeria enjoyed strong and historical relations with the ties dating back to before Nigeria’s independence.
He said; “Our economic and trade relations are strong and growing. Currently, nearly 150 Indian companies with an investment of USD 27 billion are in Nigeria, mainly in the manufacturing sector and employ the largest number of people after the Nigerian Government.”
Owing to the special relationship between the two countries, India had invited Nigeria as a Guest Country during its presidency of G20.
“Out of the $14 billion promised during this visit as an investment into the Nigerian economy, $7 billion has already been signed immediately after the visit.
“We stand shoulder to shoulder with our Nigerian friends in our joint journey towards development and would like to convey the commitment of the government of India in further strengthening our ties,” Balasubramanian said.
While noting that democracy had experienced a steady development in India, he said from the end of the last century till now, India had made rapid progress and is one of the faster-growing emerging economies.
“Today with more that USD 3.7 Trillion GDP, her economy is the fifth largest in the world,” the Envoy said.
In a message, the Nigerian Minister of Foreign Affairs, Ambassador Yusuf Tuggar, said Nigeria and India share a similar commitment to South-South cooperation and a common aspiration for the reform of the UN Security Council.
Tuggar represented by Ambassador Alex Kefas, Director of European Affairs in the Foreign Affairs Ministry, explained the emergence of several bilateral associations and partnerships, in addition to other related platforms for mutual engagements such as Nigeria – India Joint Commission (NIJC), India’s Technical and Economic Cooperation (ITEC), the Special Commonwealth African Assistance Plan (SCAAP), and other training programmes from the Government of India was a testimony to their strong relationship.
He also said “the state of Nigeria-India economic relations had seen remarkable improvement in recent years, and the trade volume between the two countries had increased significantly.”
The Minister said; “India is now Nigeria’s largest trading partner in Africa and the highest importer of Nigeria’s crude oil. Similarly, Nigeria is India’s largest trading partner in Africa.
“Bilateral trade between both countries in the last two years amounted to approximately USD 14.95 billion in the formal sector and about USD 5 billion in the informal sector.”
