Bilateral trade between India and Nigeria has touched new heights, crossing $10 billion mark for the first time, according to the official statistics.
Bilateral trade between the countries grew by 17 per cent in the last year to reach $10.22 billion, securing India's position as second largest trading partner of Nigeria.
However, Nigeria remains first in Africa for India, Mahesh Sachdev, Indian high commissioner to the country stated in weekly newsletter, India Page.
Despite decline in oil prices, global economic meltdown and India's ban on rice exports, the growth in Nigeria-India trade accelerated from 9.8 per cent to 17.5 per cent over past two years, he noted.
Imports from Nigeria to India increased by 14.1 per cent to $8.70 billion, while Indian exports to Nigeria shot up by 41 per cent to $1.53 billion, for the financial year that ended on March, 2009.
"Despite stellar performance of Indian exports, the trade surplus enjoyed by Nigeria rose by 9.7 per cent to over $7.1 billion. It is first time ever that bilateral trade has crossed $10 billion mark," Sachdev said.
The high commissioner also noted that this increase shows that the bilateral trade is largely based on mutual consumer preferences that render it notably immune to global factors.
"Crude oil was the biggest component of Nigeria exports to India while Indian exports were more varied with machinery, medicines, electronics and transport vehicles constituting the first four categories," he said.
