Nigeria, India trade to hit N12bn

The bilateral trade between India and Nigeria is expected to reach $12 billion in the current fiscal year. According to the India  Commerce and Industry Minister  Mr Anand Sharma, in 2009-10, trade between the two countries stood at $8 billion.

In a bilateral meeting with the Nigerian Foreign Minister, Mr Henry Odein Ajumogobia, Mr Sharma said that the bilateral trade between the two countries had been growing at a healthy rate.

The annual trade is expected to reach $12 billion in 2011. During the last fiscal year, India exported goods worth $1.4 billion to Nigeria, while imported products worth $7.2 billion.

Major export items to Nigeria comprise machinery and instruments, pharmaceuticals, transport equipment and electronic goods, while imports include petroleum crude and products, non-ferrous metals, wood and cashew nuts.

Further, Mr. Sharma informed the Nigerian minister that the total Indian investment in Nigeria was estimated to be about $5 billion in 2010.

Over 100 Indian companies are operating in Nigeria mainly in automobiles, telecoms, hydrocarbons, textiles, chemicals, electrical equipment, pharmaceuticals, plastics and IT industry.

Source : Tribune