A delegation from Bharat recently held a significant Joint Trade Committee (JTC) meeting with Nigerian officials in Abuja, aiming to bolster bilateral trade and investments between the two countries.
Led by the Additional Secretary in the Department of Commerce of Bharat’s Union Commerce and Industry Ministry, Amardeep Singh Bhatia, the delegation engaged in discussions on April 29-30.
Accompanied by High Commissioner of Bharat to Nigeria, G Balasubramanian, and Economic Adviser, Priya P Nair, the Bharatiya delegation collaborated with Nigerian counterparts, co-chaired by Permanent Secretary of Nigeria’s Federal Ministry of Industry Trade and Investment, Ambassador Nura Abba Rimi, and Additional Secretary of Nigeria’s Department of Commerce.
Both sides reviewed recent developments in bilateral trade and investment ties, acknowledging vast untapped potential for further expansion.
Identified areas of focus for enhancing bilateral trade and investments included resolving market access issues, cooperation in sectors such as crude oil, natural gas, pharmaceuticals, unified payments interface, power, renewable energy, agriculture, education, transport, and MSMEs.
Bharat and Nigeria committed to concluding the Local Currency Settlement System Agreement promptly to strengthen economic ties.
The official Bharatiya delegation included representatives from the Reserve Bank of India, EXIM Bank of India, and National Payments Corporation of India, actively engaging in the proceedings of the JTC.
The talks fostered a cordial and friendly atmosphere, with enthusiastic responses towards greater cooperation, addressing pending issues, and boosting trade and investment, alongside enhancing people-to-people contacts.
A business delegation led by the Confederation of Indian Industry (CII) accompanied the official delegation, comprising representatives from various sectors like power, fintech, telecommunications, electrical machinery, and pharmaceuticals.
The discussions of the 2nd Session of India-Nigeria JTC were termed as “cordial and forward-looking,” indicative of the amicable and special relations between the two nations.
Nigeria stands as a major partner, being the second-largest trading partner of Bharat in the African region. Bilateral trade between Bharat and Nigeria reached USD 11.8 billion in 2022-23, albeit showing a declining trend in 2023-24 with bilateral trade standing at USD 7.89 billion.
Nearly about 135 Bharatiya companies are actively engaged in Nigeria’s vibrant market with a total investment of USD 27 billion. Spanning diverse sectors including infrastructure, manufacturing, consumer goods, and services.
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