India, Nigeria trade to touch $ 12 bn in 2010-11

NEW DELHI: The bilateral trade between India and Nigeria is expected to touch USD 12 billion in the current fiscal, Commerce and Industry Minister Anand Sharma today said here.

In 2009-10, trade between the two countries stood at USD 8 billion.

In a bilateral meeting with Nigerian Foreign Minister Henry Odein Ajumogobia, Sharma said that the bilateral trade between the two countries has been growing at a healthy rate. "The annual trade is expected to reach USD 12 billion in 2010-11."

In the last fiscal, India exported goods worth USD 1.4 billion to Nigeria, while imported products worth USD 7.2 billion.

Major export items to Nigeria comprise machinery and instruments, pharmaceuticals, transport equipment and electronic goods, while imports include petroleum, crude and products, non-ferrous metals, wood and cashew nuts.

Further, Sharma informed the Nigerian Minister that the total Indian investment in Nigeria was estimated to be about USD 5 billion in 2010.

Over 100 Indian companies are operating in Nigeria mainly in automobiles, telecom, hydrocarbons, textiles, chemicals, electrical equipment, pharmaceuticals, plastics and IT industry.