Nigeria invites Indian investors to reap the benefits of doing business with Africa's largest economy

Indian Investors can reap huge benefit by investing in the largest economy of Africa - Nigeria said Dr Olusegun Aganga, Minister for Industry, Trade & Investment, Federal Republic of Nigeria.

Dr Agange while briefing on Nigeria's trade and investment climate, highlighted excellent potential for trade and investment cooperation between India and Nigeria in sectors like pharmaceuticals, power and energy, agriculture - especially sugar, cotton textiles and garments, leather and leather products, palm oil production; and Iron and Steel. He also emphasized on the other strengths of the country like having the 11th largest oil reserves in the world, 8th largest natural gas reserves, one of the fastest growing middle class and consumer, and strong fiscal management, as is evident in the solid macro-economic environment.

Mr D S Dhesi, Additional Secretary, Ministry of Commerce & Industry, Government of India, in his address, mentioned that, of India's $ 57 billion trade with Sub-Saharan Africa, $ 17 billion belonged to Nigeria alone and that this was a fair indicator of the role that Nigeria plays in India's trade. He stated that Nigeria also significantly contributes to India's energy security, as India imports oil to the tune of $ 16 billion from Nigeria. Mr. Dhesi mentioned that India does not have any Free Trade Agreement with an African country however; India is seriously looking at signing one with Economic Community of West African States (ECOWAS) of which Nigeria is a major stakeholder.

Mr. Ndubuisi V Amaku, High Commissioner, Embassy of Federal Republic of Nigeria mentioned that the bilateral trade with India is growing fast and the trade volume now stands at $ 19.5 billion. He mentioned that there is an increase in people to people exchange and more than 150 Indian companies like Skipper Electricals (India) Ltd, Tata, Airtel, ONGC Videsh Limited, NIIT, Ashok Leyland etc are already successfully operating in Nigeria.

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