Leadership (Abuja)
Justus Nduwugwe
21 November 2008
The Indian government through a private sector initiative is planning to invest over $15 billion into various sectors of the Nigerian economy within the next few years, to cement diplomatic and business relationships that had existed since 1958.
This was made known yesterday by the the Deputy High Commissioner of India, Mr. Anil Trigunayat, while fielding questions from journalists at a briefing on the forthcoming India-Africa Business partnership summit scheduled for 19th-20th January, 2009 in Ashok Hotel, New-Delhi, India.
A Nigerian company, African Theatrical Project Limited, is facilitating Nigeria 's participation in the summit which will further facilitate inflows of Indian private sector investors into Nigeria .
According the Deputy-High Commissioner, Indian business interests in Nigeria spans across various sectors of the economy including agriculture, health, transport (railways), information communications and technology, power, mining and biotechnology and trade.
He also stated that the relationship between India and Nigeria has grown tremendously, adding that the two countries had been strategic partners since the visit of the Indian Prime Minister to Nigeria in October, 2007, just as he disclosed that the bilateral trade between the two countries had hit more than $8 billion in 2007, while between 2006-2007, India goods exports to Nigeria grew to $903.48 million.
"India's exports to Nigeria have consistently shown a healthy upward trend, and are higher than our exports to entire Southern Africa, Central Africa, West Africa and the rest of Western Africa . India 's exports to Nigeria are one third of exports to the entire sub-Saharan African countries and 20 per cent of India 's exports to the African continent. India is the 4th largest non-oil export destination for Nigeria", he also disclosed.
The Indian deputy high commissioner also revealed that at least two companies for production of fertilizer and two companies on power generation worth over $5 billion were to be established in Nigeria just as he said India was ready to assist Nigeria to revive its ailing railways if the Nigerian government needed her intervention.
In her speech, the Executive Director of the African Theatrical Project Ltd, Mrs. Linda Olisa -Middleton, noted that there were immense potentials for increasing trade relations between the two countries in terms of exports, including projects and joint ventures. Adding that Nigeria is emerging as a potential investment destination for India companies.
According to Olisa-Middleton, India has offered $200 million under NEPAD initiative; $250 million to ECOWAS and $100 million LOC under bilateral arrangement that could be assessed for various projects by Nigerian companies.
She stressed that there was need for Nigerians to participate in the forthcoming summit because it would facilitate business opportunities for infrastructural development and boost bilateral relationship between the two countries.
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