One week after a historic election that gave prime minister Narendra Modi of the Bharatiya Janata Party a second five-year term, India inaugurated the Prime Minister and appointed a new cabinet with portfolios and policy priorities. Election results became available May 23, and by May 29 the prime minister was in his new term and appointed ministers May 30. India is set to run its new race, with many lessons for Nigeria from the similarities and differences in its conduct and approach. More importantly, the new cabinet offers an opportunity for deepening growing trade and bilateral relations between the two countries.
Modi won re-election as did our Muhammadu Buhari. He had strong support from the Hindu ethnic group that constitutes 80% of the Indian population of 1.3b. He also won beyond his primary area. His victory was an improvement on the figures of 2014 and positioned him as one of the legendary leaders of his country in the mould of Jawaharlal Nehru and Indira Gandhi. His party won 350 seats in the 545-seat Lower House of Parliament. He does not need any coalition to govern.
The Indian elections are a study in organisation, planning and meaningful execution. 600m people voted, with 67.1% turnout. There were no allegations of rigging, vote buying or intimidation. More significantly, they deployed electronic voting machines to poll and capture the results in quick time.
The electorate endorsed Modi’s policies and actions on the environment, the economy, sanitation and foreign policy. The Indian leader has led an effort to tackle sanitation blight by building one million public toilets across India, ensured that government money reaches its recipients without bribes taking part of it and frontally tackled corruption, not merely sloganizing about it. He simplified taxation, overhauled the bankruptcy system and ran a favourable foreign policy that prioritised India against China and Pakistan while building stronger ties with the United States. And Nigeria.
Under Narendra Modi, India has strengthened its bilateral and trade relations with Nigeria. Diplomatic and bilateral ties have lasted since 1958. India is today Nigeria’s largest trading partner with a trade value of US$11.7b in 2018. More significantly, India is the largest buyer of Nigerian crude oil as oil imports accounted for US$9.29b of the US$9.5b exports to that country. We are the fourth largest supplier of crude oil to India and the second largest supplier of liquefied natural gas.
On its part, India exports a broad range of goods and services to Nigeria. They include pharmaceuticals, automobiles and components, machinery and mechanical appliances and articles of iron and steel. Others include chemical products, paper and paperboard, and apparel and clothing. They also bring in plastics, electrical machinery and equipment and a growing list of services in software, human capital and power equipment.
Records say there are 50, 000 Nigerians in India and 30, 000 Indians in Nigeria. Given the ubiquity of Indians here, the figure of their presence deserves a second look. India’s 135 companies and counting in Nigeria have invested about US$10b, making them a significant force. Not surprisingly, many Indian firms are household names here.
They include Bharti Airtel, Tata, Bajaj Auto, Birla Group, NIIT and Kirloskar. Others are Ranbaxy Pharmaceuticals, Aptech, Dabur, Godrej, Mahindra and Ashok Leyland.
Immediate past Minister for Trade OkeychukwuEnalamah called for more investment by Indian firms to deepen the relationship beyond trade. Indian firms should invest in the project Made in Nigeria for Export. While we support this call, Nigeria needs to do more in its business and bilateral relations with India.
Nigeria should seek expansion or broadening of the products in the basket of goods it sends to India. Oil currently accounts for more than 90%. It is not a balanced scorecard, given in particular the volatility of the oil markets and the search by various countries, notably India, for alternatives to crude oil.
Key areas of cooperation and trade should include agriculture, alternative power as well as making existing systems work and better treatment of Nigerians in India.
Nigeria should embrace Modi and his India even closer, make the trade flows reflect a greater diversity of goods and services from our country and press for more investments from the world’s fastest growing economy. More and better for Nigeria and India in the years ahead.
