India-Nigeria trade to reach $12 billion
March 16th, 2011 - 6:02 pm ICT by IANSNew Delhi, March 16 (IANS) Trade between India and Nigeria is expected to reach $12 billion in the 2010-11 fiscal, the commerce ministry said Wednesday.
Commerce Minister Anand Sharma held talks with Nigerian Foreign Minister Odein Ajumogobia, who arrived here Tuesday on a three-day visit.
According to Sharma, bilateral trade had gone up 61.65 percent in 2010 as compared to 2009.
The two sides discussed the need for an early conclusion of the bilateral investment promotion and protection agreement.
“The complementarities of Nigerian and Indian economies need to be harnessed for more extensive bilateral engagement,” said Sharma.
Sharma told the Nigerian minister that Indian companies were keen to invest in sectors such as power and petroleum.
India has made about $5 billion worth of investments in Nigeria in 2010, while the total Nigerian investments in India was about $6.49 billion from 2000 to 2010.
Nigeria is also India’s largest trading partner in Africa as well as the biggest market for Indian goods in the continent.
Ajumogobia is in India for the fifth session of the India-Nigeria Joint Commission to review bilateral developments and chalk out strategies to expand bilateral ties.
- Need for early conclusion of investment promotion issue with Nigeria: Anand Sharma - Mar 16, 2011
- India, Nigeria to boost ties, discuss UN reforms (Lead) - Mar 15, 2011
- India seeks more oil, enhanced economic ties with Nigeria - Mar 16, 2011
- Reform-focussed Nigeria seeks Indian capital in energy, banking (Roundup) - Mar 16, 2011
- Nigerian foreign minister coming on four-day visit - Mar 14, 2011
- Nigerian pushes for direct flights to India as trade booms (Interview with foreign minister) - Mar 17, 2011
- India, Nigeria to boost economic, energy ties - Mar 15, 2011
- Nigerian Foreign Minister to visit India for four days - Mar 14, 2011
- Nigeria, India to renew air services agreement - May 04, 2011
- India, Nigeria ink pharma deal - Mar 16, 2011
- India, Nigeria to strengthen economic ties - Mar 17, 2011
- India, Nigeria strengthen ties with Track II dialogue - Mar 16, 2012
- Nigerian ex-president on five-day visit to India - Mar 13, 2012
- Saudi Arabia seeks to boost trade, investment with India - Jan 04, 2012
- India, Pakistan trade can reach $10 bn by 2015: CII - Feb 09, 2012
Tags: africa, anand sharma, bilateral investment, bilateral ties, bilateral trade, commerce minister, commerce ministry, conclusion, continent, fifth session, foreign minister, India, indian goods, investment promotion, investments, New Delhi, nigeria, nigerian minister, petroleum, sectors