 "'Cooperation in infra,energy sectors to benefit India and Nigeria")
India has identified infrastructure development and energy security as the key areas for cooperation with Nigeria and said these sectors would allow both countries to collaborate and benefit from each other's expertise.
"Infrastructure stimulation programmes launched by the government of India, like the mission to develop 100 smart cities, upgrade infrastructure development in urban and rural areas and enhance nationwide connectivity through the 'Digital India' programme, have created massive opportunities for foreign partners in the Indian economy," Vice-President Hamid Ansari said at the Nigeria-India Business Forum here on Tuesday.
"Infrastructure development and energy security are key areas for cooperation for emerging economies like India and Nigeria," he told the members of Nigerian and Indian industry.
"These sectors allow for both our countries to collaborate and benefit from each others expertise," said Ansari, who is on a five-day visit to Nigeria and Mali.
He also said given India's current and expanding energy requirements, there is significant potential for "diversifying our engagement in oil and gas sector by enhancing our cooperation in both upstream and downstream domains".
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Nigeria is an important partner for India's energy security requirement. About 12 per cent of India's crude requirement comes from Nigeria.
"Over 100 Indian companies have made Nigeria their base to operate in West Africa, employing the largest number of Nigerians after the federal government, and covering diverse sectors of the economy.
"It is estimated that the Indian investments have exceeded $10 billion so far, and another $5 billion are committed. Indian investments are in diverse sectors such as communications, power, pharmaceuticals, healthcare, automotive sector and oil, among others," he said.
Ansari also underscored the need to synergise its growth strategies with Nigeria in the backdrop of the current global financial situation, saying economic cooperation occupies a prominent position in the bilateral matrix.
"India and Nigeria are well placed to convert this challenge into an opportunity. We count on you, the business leaders from Nigeria and India, to be the architects of this important change," he said.
His counterpart Yemi Osinbajo and several top business leaders from both the countries were present at the event.
He thanked the Abuja Chamber of Commerce and Nigerian
National Chamber of Commerce together with the Confederation of Indian Industry (CII) and ASSOCHAM India-Nigeria Business Council for partnering in holding this business meet.
"We are extremely happy to see the initiatives which Nigeria has launched under the sagacious leadership of His Excellency President Muhammadu Buhari. As Nigeria embarks with renewed vigour and determination in realising greater prosperity for its people, India stands ready to join as a partner," he said.
Noting that the overall engagement between India and Nigeria remains vibrant and full of vitality, Ansari said economic and commercial cooperation occupies prominent position in "our bilateral matrix."
"In my meetings with the Nigerian leadership, I found a strong desire to expand our commercial engagement."
He said it is a matter of satisfaction that for past few years, India has been the largest trading partner of Nigeria, and Nigeria is the largest trading partner of India in Africa.
"Our bilateral trade has been growing steadily for the last one decade and touched $16 billion in 2014-15. It is only because of the global decline in oil prices that our trade has slowed down in the past one year."
According to the vice-president, the vast consumer market, youthful and skilled human resources and expertise in the field of information technology of India coupled with Nigeria's natural resources, youthful population and strategic location would provide a platform for enhanced economic engagement.
"As both India and Nigeria make an attempt to broad base their economy, they should harness the complementaries in attracting investments which is a key factor for a positive economic growth."
He said there is a considerable potential for expanding trade in the areas of automotive components, automobiles, engineering products, IT, pharmaceuticals, bio-technology and healthcare sectors.
"Our societies are still largely agrarian. Therefore, agricultural industry, food processing and related small and medium enterprises offer opportunities for trade and investment which could be explored by our business houses with the support from the governments.
"The Green Alternative Plan - a roadmap to make Nigeria not only self-sufficient in agriculture but also a major exporter of quality agricultural products, launched last month offers an opportunity for sharing of India's experience in agro-industry sector," he said.
India's expertise and proven capabilities in production of pharmaceuticals, especially generic medicines at affordable cost, advancement in healthcare sectors and science and technology, high quality education at reasonable cost could also be potential areas of investments by both sides, he said.
He added that Indian private sector is keen to further engage with their Nigerian counterparts in diverse sectors of the economy.
