2nd Session of India-Nigeria Joint Trade Committee Boosts Bilateral Economic Cooperation

GG News Bureau
Abuja, 3rd May. The second session of the India-Nigeria Joint Trade Committee (JTC) held in Abuja witnessed a comprehensive dialogue aimed at strengthening bilateral trade and investment ties between the two nations. The meeting, held from April 29 to April 30, 2024, was marked by fruitful discussions and a commitment to further enhancing economic cooperation.

Led by Additional Secretary of the Department of Commerce, Ministry of Commerce and Industry, Shri Amardeep Singh Bhatia, a seven-member delegation from India participated in the JTC meeting. The Indian delegation included High Commissioner of India to the Federal Republic of Nigeria, Shri G Balasubramanian, and Economic Adviser, Department of Commerce, Ms. Priya P. Nair. The JTC was co-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.

During the meeting, both sides conducted a detailed review of recent developments in bilateral trade and investment ties, acknowledging the significant untapped potential for further expansion. They identified key areas of focus for enhancing bilateral trade and mutually beneficial investments, including Crude oil and Natural Gas, Pharmaceuticals, Digital Economy and Digital Public Infrastructure, among others.

A notable highlight of the discussions was the commitment to finalize the Local Currency Settlement System Agreement soon, aimed at strengthening bilateral economic ties. The Indian delegation, which included officials from the Reserve Bank of India (RBI), EXIM Bank of India, and the National Payments Corporation of India (NPCI), actively engaged in the proceedings of the JTC.

In a concerted effort to bolster bilateral trade, both sides pledged to address all issues impeding trade and facilitate trade promotion between the two nations. A business delegation led by the Confederation of Indian Industry (CII) accompanied the official delegation, comprising representatives from various sectors such as power, fintech, telecommunications, and pharmaceuticals.

Nigeria, as the second-largest trading partner of India in the African region, holds significant importance in India’s trade relations. The bilateral trade between India and Nigeria stood at USD 11.8 billion in 2022-23, and while it showed a declining trend in 2023-24, both nations remain committed to revitalizing and expanding their economic cooperation.

With approximately 135 Indian companies actively engaged in Nigeria’s vibrant market, representing a total investment of USD 27 billion across diverse sectors, both countries are poised to further deepen their economic ties in the coming years.