Industry & Money

Nigeria, India Strengthen Bilateral Ties

In the bid to strengthen existing partnerships and forge new alliances that will contribute to the growth and development of Nigeria and India, the Lagos Chamber of Commerce and Industry (LCCI) has signed a Memorandum of Understanding with the Confederation of Indian Industry (CII).

At the signing ceremony at the LCCI, Indian High Commissioner, Shri Balasubramanian, said that the country is ready to link up Nigerian businesses with their counterparts in India for collaboration, noting that the momentum set by LCCI will be mutually beneficial, The Sun reports.

“Opportunities in India are enormous. There has been economic cooperation between both countries. Training of Nigerians in India by the government of India to build capacity has been ongoing. Now, more companies are showing interest with their prospects,” Balasubramanian said.

The envoy said over the past two years, Nigeria and India have had constructive engagements on trade and investment-related issues.

He said India attaches high importance to Nigeria, expressing optimism on the success of the agreement.

In his remarks, Deputy President LCCI, Knut Ulvmoen, said over the years, both nations have witnessed a steady growth in bilateral trade, with significant contributions from various sectors represented.

Applauding CII for the partnership and commitment to fostering closer ties between both nations, Ulvmoen noted that the agreement is a significant milestone to explore avenues of collaboration and partnership between the nations. “The partnership focuses on leveraging our strengths in information and communication technology, medical training, agriculture, manufacturing and export, construction, shipping, logistics, infrastructural development and financial services.

“According to recent data, India is a top five export destination in Q4, 2023 and analysis by direction of trade reveals that sesame seeds worth N29.18 billion were exported to India. This represents the depth of our economic ties and the potential for further collaboration.

“While celebrating our achievements, we cannot afford to overlook the economic challenges that confront Nigeria, particularly in the wake of recent reforms since the new government assumed leadership in 2023.

“These reforms have presented both opportunities and obstacles, requiring innovative strategies and collaborative efforts to navigate. Together, we must seize this moment to exchange expertise and explore innovative solutions to address the economic challenges facing Nigeria. “Let us leverage the collective wisdom of our industries to develop strategies that will drive growth, foster entrepreneurship and enhance competitiveness,” Ulvmoen said.

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