By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Crown Lovers MagazineCrown Lovers Magazine
  • HOME
  • NEWS
  • EVENT
  • MUSIC
  • LIFESTYLE
  • ENTERTAINMENT
  • BRAND PROMOTION
    • ADVERT
Search
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Nigeria, India partner to expand trade, investment
Share
Sign In
Notification Show More
Latest News
Troops ambush bandits, neutralise 10, destroy camps in Chikun, Birnin Gwari, Giwa LGAs in Kaduna
NEWS
Vector Marries Yinka Coker In Private Ceremony (Video)
ENTERTAINMENT
Jigawa’s Governor Badaru signs 2023 budget into law
NEWS
Veteran actress, Nkiru Sylvanus ‘Ble-Ble’ triggers reactions with new post
ENTERTAINMENT
Biafra, Oduduwa Republic ‘ll come to pass – Primate Ayodele releases new prophecies
NEWS
Aa
Crown Lovers MagazineCrown Lovers Magazine
Aa
  • HOME
  • NEWS
  • EVENT
  • MUSIC
  • LIFESTYLE
  • ENTERTAINMENT
  • BRAND PROMOTION
Search
  • HOME
  • NEWS
  • EVENT
  • MUSIC
  • LIFESTYLE
  • ENTERTAINMENT
  • BRAND PROMOTION
    • ADVERT
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Crown Lovers Magazine > Blog > NEWS > Nigeria, India partner to expand trade, investment
NEWS

Nigeria, India partner to expand trade, investment

admin
Last updated: 2022/08/24 at 10:42 AM
admin
Share
5 Min Read
SHARE

Nigeria and India have inaugurated the Nigeria-India Business Council (NIBC) to serve as a fulcrum for the expansion of trade and investment between the two countries in new areas such as fintech, artificial intelligence, renewable energy, and technology among others.

Vice President Yemi Osinbajo, who inaugurated the platform in Abuja on Tuesday, said that the NIBC will bring about a mutually beneficial economic exchange.

Speaking on the theme “Expanding Trade and Investment Opportunities between Nigeria and India” the Vice President, who was represented by the Minister of Mines and Steel Development, Olamilekan Adegbite, said “both countries have dynamic business environments which provide opportunities for trade and investment in addition to our common aspiration for promoting growth and improving the welfare and material conditions of our people.

“Nigeria and India have a shared interest in successfully tackling the challenges facing the global economy such as climate change, global public health emergencies like COVID-19, and the fallout of the ongoing conflict between Russia and Ukraine. There are many areas in which both countries can build an already active bilateral relationship. These include education, creative industry, the digital economy, pharmaceuticals, agriculture, manufacturing, oil and gas and I am certain that such ties will continue to blossom.

“Indeed I expect the NIBC will be an active vehicle to further strengthen and consolidate our relations and also serve as a platform to coordinate and facilitate investment and business interactions,” he said.

He noted that in the area of security both countries are collaborating on defense to curb the scourge of insecurity in Nigeria.

He however called for more collaboration in the areas of entrepreneurship and vocational training, stressing that India has been able to use entrepreneurship to bring its unemployment level to around 7% while that of Nigeria is quite high at about 35%.

“Similarly through entrepreneurship, India has been able to boost its export of goods and services to about $546 billion, while that of Nigeria is only at $70 billion.

“There is also the need for emphasis on skill acquisition and capacity building, which puts large number of young people at work place as well as boost the nation’s capacity in innovation and technology and contributing to the nation’s economic growth,” he added.

Visiting India’s Minister of State for External Affairs, Shri V. Muraleedharan, in his remarks said Nigeria has always been a favourite investment destination for Indian businesses. He added that there are around 135 Indian companies in Nigeria that are estimated to have invested over $20 billion in Nigeria.

“It is also a matter of pride that companies owned by Indians or persons of Indian origin are reputed to be the second largest providers of employment in Nigeria. The large and growing population of Nigeria, its talented youth, the abundance of natural resources, a democratic and business-friendly Government, and very strong cultural bonds between our peoples have all fuelled the rising economic engagement between both countries.

“But there is still great potential to enhance our economic cooperation and, with the pandemic behind us, both countries must look to vigorously make up for opportunities lost during the last two years,” he said.

On the trade front, the Minister said Nigeria has been India’s largest trading partner in Africa and a very valuable energy partner. He stressed that bilateral trade between both countries in the year 2021-22 had risen substantially over the previous year to touch $14.95 billion.

Nigeria’s Minister of State For Foreign Affair, Zubairu Dada, in his remarks, said both countries will strive hard to strengthen bilateral cooperation even as he assured that the government will continue to provide an enabling environment for investors.

Nigerian High Commissioner to India, Ahmed Sule, said the NIBC is a platform to identify potential business partners and provide the opportunity to leverage them. He implored the delegates to interact with their Nigerian counterparts to explore the potential of the country.

High Commissioner of India to Nigeria, Gangadharan Balasubramanian, said that about 135 Indian companies in diverse fields are in Nigeria providing thousands of jobs.

He stressed the need for more investment in manufacturing, fintech, Artificial Intelligence, green agriculture, renewable energy, and Information and Communications Technology.

You Might Also Like

Troops ambush bandits, neutralise 10, destroy camps in Chikun, Birnin Gwari, Giwa LGAs in Kaduna

Jigawa’s Governor Badaru signs 2023 budget into law

Biafra, Oduduwa Republic ‘ll come to pass – Primate Ayodele releases new prophecies

2023 elections: Ensure logistic challenges do not mar polls, group warns INEC

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
admin August 24, 2022
Share this Article
Facebook Twitter Copy Link Print
Share
Previous Article Knee surgery: Osinbajo physically resumes duty, to attend FEC meeting
Next Article Chioma Rowland reacts as Davido leaves flattering comment on her post
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
11.6k Followers Pin
56.4k Followers Follow
136k Subscribers Subscribe
4.4k Followers Follow
- Advertisement -
Ad imageAd image

Latest News

Troops ambush bandits, neutralise 10, destroy camps in Chikun, Birnin Gwari, Giwa LGAs in Kaduna
NEWS December 23, 2022
Vector Marries Yinka Coker In Private Ceremony (Video)
ENTERTAINMENT December 23, 2022
Jigawa’s Governor Badaru signs 2023 budget into law
NEWS December 23, 2022
Veteran actress, Nkiru Sylvanus ‘Ble-Ble’ triggers reactions with new post
ENTERTAINMENT December 23, 2022
//

We influence 20 million users and is the number one business and technology news network on the planet

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form id=”847″]

Crown Lovers MagazineCrown Lovers Magazine
Follow US

© 2022 Crown Lovers Magazine. All Rights Reserved

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?