Sunday Williams
21 November 2008
The value of Nigeria Indian trade relations is in the region of $10 billion, Indian Deputy High Commissioner in Nigeria, Anil Trigunayat has said.
Speaking yesterday Anil Trigunayat said Nigeria this year emerged as India's largest business trading partner, adding that Indian export to Nigeria hit about $1billion while Nigeria's export to India hit over $9 billion dollars.
He said though India is not a capitalist economy, its economy has been integrated into the world economy, adding that his country is a leader in many areas ranging from ICT, space technology, small and medium scale enterprises among others.
He added that Cooperation between Nigeria and India, which dated back to 1978 has grown from strength to strength as evidenced by the visit of their Prime Minister to Nigeria last year.
He explained that during the visit of the Prime Minister last year, he signed a bilateral relations agreement on 15 target areas with President Yar'adua which is currently being negotiated and will be concluded in the next few months.
Under the agreement, he said his country is going to invest about $12 to15 billion dollars in various mega projects which target the 15 areas and include energy, pharmaceuticals, space technology, bio-mass energy, ICT etc.
Trade between Nigeria and India surged to US$8 billion(about N944 billion naira) in the year 2007, thereby making Nigeria the biggest trading partner of India in Africa, Chief Executive officer of African Theatrical project limited has said.
Mrs Linda Olisa-Middleton made the remarks yesterday in Abuja while addressing news men on the India-Africa Business partnership summit schedule for 19th -20 January,2009 in new Delhi India.
She said India's export to Nigeria is around 1/3 of export to the entire sub-Saharan African countries and 20 percent of India's exports to African continent, adding that India is the 4th largest non-oil export destination for Nigeria accounting to $903.48 million in 2006-2007.
Mrs. Middleton said the bilateral trade between India and Africa which stood at $25 billion in 2006-2007, also registered a commendable increase of about 285 percent in just four years.
She explained that the India-Africa business summit which is being put together by the Federation of India Chambers of Commerce and Industry in collaboration with her organisation, offers wide range opportunities in terms of infrastructural development and techniques at all levels.
She said, "The event comes at a time when India Government and the private sector are making forays into global market and are investing significantly across Africa. India-Africa socio-economic relations share a long history and have expanded and evolved with time. If figures are any indication, then the bilateral trade and investments suggest a more comprehensive partnership in coming era."
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If you didn't care why did you read it and respond to it. i can bet money you would care if you weren't unemployed.
Nigeria and India are doing Mega bucks in trade.Who cares?India is a Rogue nation and Nigeria is a rogue nation both are swimming in corruption.Both Nigeria and India are third world countries but the Indian Government send its business men and women all over the world usually to third world countries these business men are funded by the Indian government to start up business enterprises all the proceeds are sent back to the bank of India