India and Nigeria Enhance Economic Cooperation across Key Sectors

• 04 May 2024

On 3rd May 2024, India and Nigeria bolstered economic ties, targeting collaboration in crude oil, natural gas, pharmaceuticals, UPI, and power sectors, among others.

Key Points

• Delegation's Agenda: Indian delegation, led by Additional Secretary from Department of Commerce, discussed bilateral cooperation in various sectors during Nigeria visit.
• Participating Entities: Delegation includes officials from RBI, EXIM Bank of India, and NPCI, signalling a comprehensive approach to enhancing economic relations.
• Focus Areas for Cooperation: Both sides prioritize resolving market access issues and cooperation in key sectors such as crude oil, pharmaceuticals, UPI, power, renewable energy, and more.
• Bilateral Trade Dynamics: Bilateral trade declined to $7.89 billion in 2023-24 from $11.8 billion, highlighting the need for renewed collaboration and focus on economic growth.
• Investment Landscape: Indian investments in Nigeria reach $27 billion, spanning infrastructure, manufacturing, consumer goods, and services, showcasing diverse engagement across sectors.
• Local Currency Settlement: Agreement on early conclusion of Local Currency Settlement System Agreement aims to strengthen economic ties and facilitate smoother transactions.
• Strategic Partnership: Nigeria emerges as India's second-largest trading partner in Africa, underscoring the strategic importance of deepening economic cooperation between the two nations.