The Nigerian and Indian government are working on ways to enhance the $12 billion annual bilateral trade between both countries in a way that will focus on investment.
Okechukwu Enelamah, minister of industry, trade and investment, said this while receiving the Indian High Commissioner to Nigeria, Shri Abhav Thakur.
Enelamah at the meeting lauded the relationship between Nigeria and India, but said it had become necessary to expand it beyond trade for increased investment.
Recalling the fundamental cooperation between both countries and their common heritage in the Commonwealth of Nations, the minister said in a statement on Wednesday that Nigeria was restructuring her economy and bilateral relationships to reflect same.
The minister welcomed the envoy’s interest in ‘Project Mine,’ a new initiative by Nigeria to develop world-class special economic zones to position Nigeria as the pre-eminent manufacturing hub in sub-Saharan Africa, and a major exporter of made-in-Nigeria goods and services regionally and globally.
Last month, the Federal Government signed investment agreements with three development finance institutions – Afreximbank, Bank of Industry and the Nigeria Sovereign Investment Authority (NSIA) for the project.
Thakur, who expressed interest in the project, requested a formal briefing to enable him sell the opportunities to Indian investors.
The High Commissioner, who is new in the country, congratulated the minister for the electoral victory of President Muhammadu Buhari and his government.
He stated that Nigeria and India are important trade partners and expressed the need to grow the partnership.
He said his country was looking forward to the Joint Trade Committee meeting holding in India in April. India and Nigeria, in 2017, agreed to establish the Committee at the level of Commerce Secretary from Indian side and Permanent Secretary from Nigerian to review the ongoing bilateral trade and commercial relations.
The minister assured him of Nigeria’s attendance and promised the envoy that he would enjoy his stay, saying, “We are glad to have you in Nigeria. We are very hospital people and we believe you will enjoy your stay.”
