|
|
India-Nigeria trade likely to hit $20 bn this year: Envoy
|
|
|
|
Top Stories |
|
|
|
|
Francis Kokutse | 13 Sep, 2014
In yet another sign of India's growing trade ties with Africa, India's
High Commissioner to Nigeria A.R. Ghanashyam has said that trade between
his country and this West African nation is likely to rise beyond $20
billion this year.
"The last figure I have of trade between
Nigeria and India is $19.5 billion. Given the way our relationship is
growing and at the rate it is going, it may shoot up beyond $20 billion
this year," Ghanashyan told participants at the first ever Nigerian
Leadership Initiative’s (NLI) diplomatic series.
The diplomatic
series is a monthly event that has been instituted by the NLI to foster
closer relationship with friendly countries that are ready to contribute
to the growth of the Nigerian economy.
Ghanashyam questioned
the non-existence of double taxation avoidance regulations between the
two countries, and said it was an important issue that was creating
challenges to most Indian companies. They were the biggest employers in
Nigeria after the government, he said.
This must be resolved in order to improve the steady economic growth between the two countries.
“We
don’t have a double taxation avoidance settlement, we don’t have an
investment protection agreement,” he said adding that since Indian
companies were contributing a lot to create employment in Nigeria,
putting in place the required regulations would improve the relationship
between the two countries.
Ghanashyam indicated that there were
plans to meet officials of the Nigerian finance and the economic
ministries to discuss the issue of double taxation which was very
important if trade relations between the two countries were to be
enhanced further.
“Nigeria is an emerging economy, so is India,
China, and these are countries that if you look at projections made
round the world over the next 20 to 30 years, are economies that would
surpass the US,” said Umo Itsueli, president of the Nigeria-India
Chamber of Commerce and Industry. He called for more collaborations
between the two countries.
“It is important we learn and start
collaborating with such countries with similar backgrounds. The federal
government is the largest employer of labour in the country, next to
that is Indian-owned companies.”
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|