India needs to diversify its bilateral trade with Nigeria

India needs to diversify its bilateral trade co-operation with Nigeria even though the present experience has been cordial and fruitful, High Commissioner to Nigeria Mahesh Sachdev has said. The envoy made the remarks before reading President Pratibha

Devisingh Patil”s speech during India”s 65th Independence Day celebrations in Abuja.India was ready to buy palm oil worth USD 9 billion from Nigeria if it could meet this supply need. Not less than 160 persons, mostly Indian nationals living in Nigeria, attended the ceremony that began by hoisting of the national flag by the high commissioner at India House.

Last week, the envoy had disclosed that trade between the two countries has witnessed a 69 per cent growth rate with the volume rising to USD 14.6 billion. Sachdev had also mentioned the factors behind the growth rate as similarities and complementaries between both countries, compatible and cost effective solutions, appropriate and proven technology, easy sustainability and up-scaling, the stability and competitively priced Indian currency.

He said the billions of dollar investment by communication giant, Bharti Airtel in African market contributed immensely to the new figure which is a big leap from the previous USD 8 billion figure. India”s major import from Nigeria is crude while the oil rich African country imports finished petroleum products, pharmaceuticals, electronics, motor cars and motorcycles amongst others.

PTI

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