India-Nigeria To Deepen Cooperation In Oil & Gas, Pharma, Power & UPI

New Delhi, May 3 (KNN) In a bid to strengthen economic ties, India and Nigeria have identified several key sectors for enhanced cooperation, including crude oil, natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement system, and the power sector.

These areas of focus emerged during a recent visit by a seven-member Indian delegation to Nigeria, led by Amardeep Singh Bhatia, Additional Secretary, Department of Commerce.

The delegation comprised officials from the Reserve Bank of India (RBI), EXIM Bank of India, and the National Payments Corporation of India (NPCI).

Both countries have agreed to resolve market access issues and facilitate mutually beneficial investments across various sectors, such as crude oil and natural gas, pharmaceuticals, UPI, local currency settlement system, power and renewable energy, agriculture and food processing, education, transport, railways, aviation, and micro, small, and medium enterprises (MSMEs).

Notably, India and Nigeria have committed to the early conclusion of a Local Currency Settlement System Agreement to further bolster their bilateral economic relationship.

This move is expected to enhance trade and investment flows between the two nations.

Nigeria currently stands as India's second-largest trading partner in the African region. However, bilateral trade between the two countries declined to USD 7.89 billion in 2023-24 from USD 11.8 billion in the previous year.

(KNN Bureau)