PIB | 03 May, 2024
A
seven-member delegation from India led by Additional Secretary,
Department of Commerce, Ministry of Commerce and Industry, AmardeepSingh Bhatia, accompanied by High Commissioner of India to
Federal Republic of Nigeria,Shri G Balasubramanian and Economic Adviser,
Department of Commerce, Ms. Priya P. Nair held a Joint Trade Committee
(JTC) meeting with their Nigerian counterparts in Abuja from 29.04.2024
to 30.04.2024.
The JTC was co-chaired by Permanent Secretary, Federal
Ministry of Industry Trade and Investment, Nigeria, Ambassador Nura Abba
Rimi; and Additional Secretary, Department of Commerce.
In
a comprehensive dialogue, both sides undertook a detailed review of
recent developments in bilateral trade and investment ties and
acknowledged the vast untapped potential for further expansion. To this
effect, both sides identified several areas of focus for enhancing both
bilateral trade as well as mutually beneficial investments.
These
include resolving of market access issues of both sides, and cooperation
in key sectors such as Crude oil and Natural Gas, Pharmaceuticals,
Unified Payments Interface (UPI), Local Currency Settlement System,
Power Sector and Renewable Energy, Agriculture & Food Processing,
Education, Transport, Railway, Aviation, MSMEs, Development etc. Both
sides agreed to early conclusion of Local Currency Settlement System
Agreement to further strengthen bilateral economic ties.
Official
delegation from India consisted of officials from Reserve Bank of India
(RBI), EXIM Bank of India and National Payments Corporation of India
(NPCI). The officials of both sides actively engaged in the proceedings
of the JTC.
The discussions were held in a cordial and friendly
atmosphere and were fruitful. There was enthusiastic response towards
greater cooperation, addressing pending issues, boosting trade and
investment, greater people to people contacts.
In
a concerted effort to bolster bilateral trade, both sides committed to
expeditiously address all issues impeding bilateral trade and facilitate
trade promotion between the two nations. A business delegation led by
CII also accompanied the official delegation comprising representatives
from various sectors like power, fintech, telecommunications, electrical
machinery, pharmaceuticals, etc. The deliberations of the 2nd Session
of India-Nigeria JTC were cordial and forward-looking, indicative of the
amicable and special relations between the two countries.
Nigeria
is a major partner- the 2nd largest trading partner of India in Africa
region. Bilateral trade between India and Nigeria stood at USD 11.8
billion in 2022-23. In the year 2023-24, the bilateral trade stands at
7.89 billion showing a declining trend.
With a total investment of USD
27 Billion, approximately 135 Indian companies are actively engaged in
Nigeria’s vibrant market. These investments traverse diverse sectors,
encompassing infrastructure, manufacturing, consumer goods and services.