Nigeria calls for Indian investment in pharma, textile, leather & more
Updated: Sep 13, 2014 02:35:16pm
New Delhi, Sept 13 (KNN) Indian Investors can reap huge benefit by investing in the largest economy of Africa - Nigeria in sectors such as pharmaceuticals, cotton textiles and garments, leather etc, said Minister for Industry, Trade and Investment, Federal Republic of Nigeria, Olusegun Aganga.
Addressing an interactive session organized by Confederation of Indian industry (CII) here, Agange highlighted 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 emphasized other strengths of the country like having the 11th largest oil reserves in the world, 8th largest natural gas reserves, one of the fastest growing middle class and consumer, and strong fiscal management, as is evident in the solid macro-economic environment.
On the other hand, Additional Secretary, Ministry of Commerce and Industry, Government of India, D S Dhesi, in his address, mentioned that, of India’s USD 57 billion trade with Sub-Saharan Africa, USD 17 billion belonged to Nigeria alone and that this was a fair indicator of the role that Nigeria plays in India’s trade.
He stated that Nigeria also significantly contributes to India’s energy security, as India imports oil to the tune of USD 16 billion from Nigeria. Dhesi mentioned that India does not have any Free Trade Agreement with an African country however; India is seriously looking at signing one with Economic Community of West African States (ECOWAS) of which Nigeria is a major stakeholder.
High Commissioner, Embassy of Federal Republic of Nigeria, Ndubuisi V Amaku mentioned that the bilateral trade with India is growing fast and the trade volume now stands at USD 19.5 billion. He mentioned that there is an increase in people to people exchange and more than 150 Indian companies like Skipper Electricals (India) Ltd, Tata, Airtel, ONGC Videsh Limited, NIIT, Ashok Leyland etc are already successfully operating in Nigeria. (KNN/SD)
Addressing an interactive session organized by Confederation of Indian industry (CII) here, Agange highlighted 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 emphasized other strengths of the country like having the 11th largest oil reserves in the world, 8th largest natural gas reserves, one of the fastest growing middle class and consumer, and strong fiscal management, as is evident in the solid macro-economic environment.
On the other hand, Additional Secretary, Ministry of Commerce and Industry, Government of India, D S Dhesi, in his address, mentioned that, of India’s USD 57 billion trade with Sub-Saharan Africa, USD 17 billion belonged to Nigeria alone and that this was a fair indicator of the role that Nigeria plays in India’s trade.
He stated that Nigeria also significantly contributes to India’s energy security, as India imports oil to the tune of USD 16 billion from Nigeria. Dhesi mentioned that India does not have any Free Trade Agreement with an African country however; India is seriously looking at signing one with Economic Community of West African States (ECOWAS) of which Nigeria is a major stakeholder.
High Commissioner, Embassy of Federal Republic of Nigeria, Ndubuisi V Amaku mentioned that the bilateral trade with India is growing fast and the trade volume now stands at USD 19.5 billion. He mentioned that there is an increase in people to people exchange and more than 150 Indian companies like Skipper Electricals (India) Ltd, Tata, Airtel, ONGC Videsh Limited, NIIT, Ashok Leyland etc are already successfully operating in Nigeria. (KNN/SD)
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