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India, Nigeria trade to peak at $12bn by year end

By on March 26, 2011

The bilateral trade between India and Nigeria is expected to touch USD 12 billion in the current fiscal year, Commerce and Industry Minister Anand Sharma said.

In 2009-10, trade between the two countries stood at USD 8 billion.

In a bilateral meeting with Nigeria�s Foreign Minister Henry Odein Ajumogobia, Sharma said that the bilateral trade between the two countries has been growing at a healthy rate. “The annual trade is expected to reach USD 12 billion in 2010-11.”

New Delhi is said to have immediate need for liquefied natural gas from Nigerian suppliers, the country�s petroleum minister declared.

Nigerian officials met in New Delhi with Indian Petroleum and Natural Gas Minister Jaipal Reddy to discuss bilateral trade.

Reddy said his country expected demand for LNG to increase considerably in the foreseeable future.

Crude oil deliveries from Nigeria were about 95 million barrels from 2009-10. Reddy said demand for Nigerian crude for 2012-13 stood at about 131 million barrels, reports Indian newspaper The Hindu.

Nigeria is one of Africa�s top energy producers, though the country�s energy sector is haunted by threats from oil bandits with the Movement for the Emancipation of the Niger Delta.

Demand for Nigerian LNG stood at around 13 million tons per year for the coming years, the Indian minister added.

Source : Daily Champion