Trade between India and Nigeria has risen to USD 16.6 billion, indicating a major boost in the economic relationship between the two countries.
The volume of trade between India and Nigeria has risen to USD 16.6 billion, which indicates a significant boost in the economic relationship between the two friendly countries, High Commissioner of India to Nigeria Mahesh Sachdev said during the 67th Indian Independence Day celebration here.
The figure was recorded in the last fiscal year ending on March 31 this year, Sachdev told the press, adding that India's Foreign Direct Investment (FDI) in Nigeria also amounted to USD 10 billion.
According to him, Nigeria's subsidiary of Bharti Airtel alone invested USD 5 billion.
"There are almost 100 Indian companies in Lagos alone and hardly any sector of the Nigerian economy is untouched by India-Nigeria synergy," he said.
The High Commissioner disclosed that Nigeria has a trade surplus of USD 11 billion, with petroleum and crude products' export to India amounting to USD 137 million.
"We have such big projects like Indorama which is putting together a fertilizer plant worth USD 2.4 billion. Nagarjuna is also establishing a fertilizer project for USD 3 billion" Sachdev said.
Scores of Indian expatriates from all walks of life attended the Independence Day celebration in the capital of the oil-rich country, Abuja, and commercial nerve-centre, Lagos simultaneously.
The speeches of President Pranab Mukherjee and Prime Minister Manmohan Singh were read out to the Indian community after the national anthem.
