In Abuja, Indian and Nigerian delegations convened a Joint Trade Committee (JTC) meeting, identifying key areas for bolstering bilateral trade and investments. Both parties pledged to promptly finalize the Local Currency Settlement System Agreement to deepen economic cooperation.
The Indian delegation, headed by Additional Secretary in the Department of Commerce of the Union Commerce and Industry Ministry, Mr. Amardeep Singh Bhatia, along with High Commissioner of India to Nigeria, Mr. G Balasubramanian, and Economic Adviser, Ms. Priya P Nair, participated in discussions held on April 29-30. These talks aimed to strengthen economic ties between India and Nigeria.
During the meeting, the Indian team engaged with their Nigerian counterparts to explore avenues for enhancing bilateral trade and investment opportunities. They discussed various areas of mutual interest and cooperation to foster economic growth and prosperity for both nations.
The delegation from India, comprising key officials from the Commerce Ministry and the Indian High Commission in Nigeria, collaborated closely with Nigerian officials to identify potential areas of collaboration and agreed upon the importance of expediting the conclusion of the Local Currency Settlement System Agreement. This agreement is seen as crucial in further deepening the economic relationship between India and Nigeria.
The Joint Trade Committee (JTC) meeting was jointly chaired by Ambassador Nura Abba Rimi, Permanent Secretary of the Federal Ministry of Industry Trade and Investment, Nigeria, and an Additional Secretary from the Department of Commerce, India.
In a press release, the Commerce Ministry highlighted that both sides engaged in a comprehensive dialogue, reviewing recent developments in bilateral trade and investment ties while acknowledging significant untapped potential for further growth.
They identified key areas for collaboration, including addressing market access issues and enhancing cooperation in sectors such as Crude Oil, Natural Gas, Pharmaceuticals, Unified Payments Interface (UPI), Local Currency Settlement System, Power Sector, Renewable Energy, Agriculture, Food Processing, Education, Transport, Railway, Aviation, MSMEs, and Development. Both parties emphasized the need for promptly concluding the Local Currency Settlement System Agreement to reinforce bilateral economic ties.
The Indian delegation included officials from the Reserve Bank of India (RBI), EXIM Bank of India, and National Payments Corporation of India (NPCI). They actively participated in the JTC discussions.
The talks between India and Nigeria were friendly and productive, with both sides showing eagerness for increased cooperation, resolving pending issues, boosting trade, investment, and people-to-people contacts. Both countries pledged to promptly address obstacles hindering bilateral trade.
A business delegation led by the Confederation of Indian Industry (CII) accompanied the official team, representing sectors like power, fintech, telecommunications, electrical machinery, and pharmaceuticals. The discussions during the 2nd Session of India-Nigeria JTC were positive, reflecting the strong ties between the two nations.
Nigeria is a key partner and India’s second-largest trading partner in Africa. Bilateral trade between India and Nigeria was valued at USD 11.8 billion in 2022-23, but declined to USD 7.89 billion in 2023-24. Indian companies have invested approximately USD 27 billion across various sectors in Nigeria, including infrastructure, manufacturing, consumer goods, and services.
