Nigeria and India have agreed to strengthen economic ties and work towards restoring bilateral trade to nearly $15 billion, as both countries seek to expand cooperation in key sectors.
The development was disclosed following high-level discussions between Nigerian and Indian officials, with both sides identifying trade, investment and economic cooperation as areas requiring renewed attention.
According to The Punch, Nigeria and India are looking to rebuild trade relations after bilateral trade declined from previous levels. The two countries are now exploring ways to increase the movement of goods, attract investment and create more opportunities for businesses in both markets.
India has remained an important economic partner for Nigeria, with businesses from both countries active in areas including pharmaceuticals, manufacturing, agriculture, energy and financial services.
The renewed push comes as Nigeria seeks to attract more foreign investment and diversify its international trade relationships. For India, stronger economic engagement with Nigeria provides access to one of Africa’s largest consumer markets and a major regional economy.
Officials are expected to continue discussions on measures that could help remove barriers to trade and encourage greater private-sector participation.
If successful, the renewed partnership could significantly increase the value of goods and services exchanged between both countries and strengthen Nigeria’s position as a major trading hub in Africa.
