LCCI: Trade between Nigeria and India reaches $20b

Mr. Babatunde Ruwase, President of The Lagos Chamber of Commerce and Industry (LCCI), said trade relations between Nigeria and India has hit the $20b mark and could increase if the necessary infrastructure is put in place. He said this during the celebration of 60 years of Nigeria/India Bilateral Relationship with the theme: Nigeria/India @60, People. Partnerships. Prospects; which held in Lagos recently.

Also speaking, Mr. Shri Akbar, India’s  Minister of State for External Affairs told his audience that  the over 135 Indian companies in Nigeria with a net worth in excess of over $10b is an indication that the longstanding relationship between the two countries is indeed gathering momentum.

The Minister, while admitting that an investment of $10b is not enough, urged Nigeria to continue to make efforts to see that her exports go beyond mere raw materials to value-added raw materials. To achieve this, Nigeria must embrace manufacturing, he added.

He also encouraged a stronger synergy in the entertainment industry between the two countries, noting that Indian movies are receiving greater acceptance amongst Nigerians.

According to Mr. Bismark Rewane, CEO of Financial Derivatives  Company Limited who was the guest speaker on the occasion said India remains Nigeria’s largest trading partner with value of export at $6.75b and trade imbalance of $4.5b in favour of Nigeria.