India, Nigeria trade crosses $17 billion in FY12

The bilateral trade between India and Nigeria has risen by over 36 per cent to USD 17.3 billion in the fiscal ended March, 2012.

The trade between the two nations stood at USD 12.7 billion in 2010-11.

Exports rose to USD 2.7 billion in FY2011-12 from USD 2 billion in the previous fiscal, while imports stood at USD 14.6 billion as against USD 10.7 billion in 2010-11, Indian High Commissioner to Nigeria, Mahesh Sachdev, said quoting official data.

He was speaking at the opening ceremony of the first Indian-Nigerian Chemical Products Buyer-Seller Meet in Lagos yesterday.

Nigeria constitutes nearly a quarter of India's trade with the African continent, making it the largest trading partner in the region, he said.

"India's chemical sector is estimated to have quadrupled in size during last decade, catapulting India as a major international player," Sachdev told a group of businessmen at the meeting of India's Basic Chemical, Pharmaceutical and Cosmetic Export Promotion Council ( CHEMEXCIL).

He stated that chemicals from India have a prominent place in Nigeria's import basket, adding that India supplies Nigeria around USD 0.5 billion worth of basic chemicals, pharmaceuticals and cosmetics annually.

"India has traditionally been Nigeria's first source of pharmaceuticals and potential exists for similar Indian presence in various other similar consumer segments," Sachdev said.

He added that far-reaching developments in Nigeria, including passage of Petroleum Industry Bill in near future, are likely to spur Nigeria's own chemical sector into an era of rapid growth.

Nigeria is Africa's biggest oil producer and its major export to India is crude, while the country imports chemicals, pharmaceuticals and textiles from India.