Trade between Nigeria, India in 2021 hits $14.95bn—-Envoy

Indian High Commissioner to Nigeria, Gangadharan Balasubramanian, has disclosed that the volume of trade between both countries in 2021was $14.95 billion. Balasubramanian made this disclosire during the 76th independence day of India yesterday in Abuja. Noting that trade and economic relations between India and Nigeria is already strong even as over 135 Indian companies in Nigeria. He said the trade volume has increased substantially after COVID-19 on both ways, noting that India is a major importer of oil from Nigeria.

“Nearly about $10 billion worth of oil is being imported from Nigeria.  India also exports various issues from agricultural products, to petroleum products, to pharmaceuticals, to textiles. So, there is a large possibility of increasing this trade and economic cooperation between our two countries,” he concluded. He also said that they were new areas that India and Nigeria will be looking at in improving the bilateral ties between both countries. He said “Since then, our relationship has developed in a multi various ways, almost in all places. Human capacity development is one of the most important areas in which we are concentrating on and we are very happy that with the assistance and cooperation of successive Nigerian government, we can now say that our relationship is very strong and very cordial,” Balasubramanian said.

On the security challenges in Nigeria, the envoy further recalled the military and defence cooperation between India and Nigeria whereby many of the defence training of Nigerian military officers took place in military installations and training institutes in India. Balasubramanian added that  India will be happy to continue with the partnership and in cooperation with the Federal Government, India is ready to assist in that direction. “So, there is a large possibility of increasing this trade and economic cooperation between our two countries,” he concluded.