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60 years Relationship: Trade between India, Nigeria hits $20b
 
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Tue, 16 Oct 2018   ||   Nigeria,
 

There are over 135 Indian companies with a net worth in excess of over $10 billion in Nigeria. This, to India Minister of State for External Affairs Mr. Shri  Akbar, shows that the long standing relationship between Nigeria and India is not only on the upswing but also gathering momentum.

Akbar spoke in Lagos at the celebration of 60 years of Nigeria/ India Bilateral Relationship, themed: “Nigeria/ India @60 People. Partnerships Prospects”.

Noting that a $10 billion investment is paltry, the envoy charged Nigeria to embrace manufacturing. According to him, except the country moves away from exporting her raw materials without value addition that will make the products competitive in Europe, United States and Asia, its economy will remain stunted.

Akbar further noted the growth of what he called ‘soft power’ between the two countries and urged that the entertainment industry should be encouraged beyond what it is now as according to him Indian movies are receiving a lot of followership in Nigeria.

In his remarks, President, Lagos Chamber of Commerce & Industry (LCCI), Mr. Babatunde Ruwase said Trade relations between India and Nigeria has hit the 20 billion dollar mark and could increase if the necessary infrastructure is put in place.

The guest Speaker and CEO, Financial Derivatives Company Limited, Mr. Bismark Rewane  who spoke on ‘60 years of Economic & Foreign Diplomacy’ said India remains Nigerian’s largest trading partner with value of export at $6.75billion and trade imbalance of  $5.45billion in favour of Nigeria.

He also stated that the value of exports relative to imports last year was $6.75billion and $1.30billion in last year.

He said: “India has overtaken the US as the largest importer of Nigeria’s crude oil and it accounts for 88 per cent of the total exports to India in Q2 of 2018 amounting to $1.76 billion. He disclosed that though India has a total GDP of $2.6trillion and Nigeria $376 billion, Nigeria per capita income stood at $2,457 while India stood at $1,940. He regretted that India has one of the greatest income inequality and population stratification due to the caste system.

 

 

 

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