Nigeria and India have committed to deepening their bilateral relations through enhanced trade, investment, and collaboration in vital sectors like energy, agriculture, and pharmaceutical manufacturing. This pledge was made during a business seminar organized by the Lagos Chamber of Commerce and Industry on Thursday, where key stakeholders from both countries outlined strategies for strengthening their partnership.
At the event, Vertika Rawat, the Acting Indian High Commissioner to Nigeria, emphasized India’s focus on Africa’s development. She stated that Indian Prime Minister Narendra Modi has prioritized Africa in India’s foreign and economic policies, ensuring that India’s engagement with the continent is driven by African priorities, helping to unlock Africa’s potential.
Rawat reaffirmed India’s commitment to Nigeria’s socio-economic growth, noting Nigeria’s preference for investment-driven partnerships over debt-financed projects. She encouraged Nigerian businesses to explore opportunities in sectors where India excels, such as fintech, artificial intelligence, healthcare, and vaccine manufacturing. She also urged Nigerian companies to engage in Indian trade exhibitions to foster collaboration.
Highlighting the agricultural partnership, Rawat pointed out the work being done by the International Crops Research Institute for the Semi-Arid Tropics in India, which operates a research center in Kano State, Nigeria, focusing on crops like millet. She called on Indian investors to explore large-scale agricultural production in Nigeria to create jobs and boost agro-processing.
In the healthcare sector, Rawat noted the growing presence of Indian hospitals in Nigeria, such as Primus and EyeQ, and commended the collaboration between India’s Serum Institute and BioVaccine Nigeria to support local vaccine manufacturing. She also called for increased cooperation in medical treatment and specialized procedures between the two nations.
Rawat encouraged Nigeria’s participation in global initiatives led by India, such as the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure. She revealed that India has allocated $2 billion in concessional credit for off-grid solar projects in Africa and urged Nigeria to capitalize on this opportunity to enhance its electricity generation capacity. Additionally, she proposed a currency swap agreement to reduce dependence on foreign exchange, with both countries exploring trade settlements in Indian Rupees.
Despite praising Nigeria’s business climate, Rawat acknowledged challenges raised by Indian investors, including power supply issues, security concerns, foreign exchange repatriation, and the cost of expatriate permits. However, she expressed confidence that Nigeria’s business-friendly policies would continue to evolve to address these concerns.
Lagos Chamber of Commerce and Industry President Gabriel Idahosa also addressed the growing trade relationship between the two countries. He highlighted that Nigeria’s total merchandise trade in the fourth quarter of 2024 reached N36.6 trillion, a 68.32% increase from the previous year. India was Nigeria’s fourth-largest export destination, with exports valued at N1.6 trillion and imports at N1.9 trillion.
Idahosa stressed the importance of exploring new opportunities beyond oil in areas like technology, agriculture, and pharmaceuticals, while calling for further collaboration to foster sustainable growth and development between Nigeria and India.
