Nigeria woos India; invites Indian investors to reap benefits of its investment climate

NEW DELHI: Indian Investors can reap huge benefit by investing in the largest economy of Africa - Nigeria, said Dr Olusegun Aganga, Minister for Industry, Trade & Investment, Federal Republic of Nigeria at an interactive session organized by Confederation of Indian Industry.

Dr Agange, while briefing on Nigeria's trade and investment climate, said there was 'excellent potential' for trade and investment cooperation between India and Nigeria in sectors like pharmaceuticals, power and energy, agriculture - especially sugar, cotton textiles and garments, leather and leather products, palm oil production; and Iron and Steel. He also said that, "Nigeria has the eleventh largest oil reserves in the world, eighth largest natural gas reserves, one of the fastest growing middle class and consumer, and strong fiscal management."

DS Dhesi, Additional Secretary, Ministry of Commerce & Industry, Government of India, in his address, mentioned that, of India's $57 billion trade with Sub-Saharan Africa, $17 billion belonged to Nigeria. Dhesi said, "Nigeria also significantly contributes to India's energy security, as India imports oil to the tune of $16 billion from Nigeria."

According to Dhesi, while India does not have any Free Trade Agreement with an African country, it is looking at signing one with Economic Community of West African States (ECOWAS) of which Nigeria is a major stakeholder.

On the occasion, Ndubuisi V Amaku, High Commissioner, Embassy of Federal Republic of Nigeria said that the bilateral trade with India is growing fast and the trade volume now stands at $19.5 billion.

The session concluded with the release of a book titled "Nigeria - A Business Manual" written by Amb Mahesh Sachdev, Ex-Indian High Commissioner to Nigeria.