Bilateral trade between India and Nigeria in 2013-14 increased by 2.5 percent to $16.98 billion, mainly due to large crude oil import by India, the Indian high commission said in a statement.
According to the high commission, "India's exports to Nigeria have grown gradually during the last few years from $1.08 billion in 2007-08 to $2.66 billion in 2013-14".
"During 2013-14, our imports, mainly consisting of petroleum and crude products, stood at $14.31 billion as against $13.82 billion registered in 2012-13," the high Commission said.
The statement added: "India's rice exports to Nigeria declined from $339 million in 2012-13 to $78 million in 2013-14 due to steep increase in import duty coupled with enhanced local production of rice."
It said, Nigeria has become one of the main sources of crude for India importing around 8 percent to 12 percent of its crude requirements.
The Exim Bank of India was also financing power projects in three states in Nigeria at a cost of $100 million, the high commission report said, adding that the amount was "marked for three power projects in the states of Enugu at a cost of $40 million, Cross Rivers $30 million, and Kaduna $30 million."
It added, "Nigeria is India's largest trading partner in Africa and India is the largest trading partner of Nigeria globally." Indian owned companies employ largest number of employees in Nigeria after the federal government of Nigeria.
(Francis Kokutse can be contacted at Kokutse@gmail.com)
