The Indian High Commissioner to Nigeria, H.E. Mr. Gangadharan Balasubramanian disclosed on Friday that 150 Indian companies have so far invested 27 billion dollars in Nigeria.
He disclosed this in Abuja at a dinner to mark the 75th Republic Day of India.
The envoy noted that India and Nigeria enjoyed strong and historical relations with the ties dating back to before Nigeria’s independence.
“Our economic and trade relations are strong and growing. Currently, nearly 150 Indian companies with an investment of USD 27 billion are in Nigeria, mainly in the manufacturing sector and employ the largest number of people after the Federal Government.
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He added that, owing to the special relationship between the two countries, India had invited Nigeria as a Guest Country during her presidency of G20.
“Out of the 14 billion promised during this visit as an investment into the Nigerian economy, 7 billion has already been signed immediately after the visit.
“We stand shoulder to shoulder with our Nigerian friends in our joint journey towards development and would like to convey the commitment of the government of India in further strengthening our ties,” the envoy said.
While noting that democracy had experienced a steady development in India, he said from the end of the last century till now, India had made rapid progress and is one of the faster-growing emerging economies.
“Today with more that USD 3.7 Trillion GDP, her economy is the fifth largest in the world,” he said.
Also speaking, the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, said Nigeria and India share a similar commitment to South-South cooperation and a common aspiration for the reform of the UN Security Council.
Represented by Ambassador Alex Kefas, Director of European Affairs in the foreign affairs ministry, Tuggar said the emergence of several bilateral associations and partnerships, in addition to other related platforms for mutual engagements such as Nigeria – India Joint Commission (NIJC), India’s Technical and Economic Cooperation (ITEC), the Special Commonwealth African Assistance Plan (SCAAP), and other training programmes from the Government of India was a testimony to their strong relationship>
He also said the state of Nigeria-India economic relations had seen remarkable improvement in recent years, adding that trade volume between the two countries had increased significantly.
“India is now Nigeria’s largest trading partner in Africa and the highest importer of Nigeria’s crude oil. Similarly, Nigeria is India’s largest trading partner in Africa.
“Bilateral trade between both countries in the last two years amounted to approximately USD 14.95 billion in the formal sector and about USD 5 billion in the informal sector,” the minister added.