Nigeria and India have reaffirmed their commitment to strengthening bilateral relations. The goal is to boost trade and investment. The two countries will focus on key sectors, including energy, agriculture, and pharmaceuticals. This was discussed at a business seminar hosted by the Lagos Chamber of Commerce and Industry on Thursday. Stakeholders from both countries outlined their strategies for deepening the partnership.

India’s Commitment to Africa’s Development

Vertika Rawat, Acting Indian High Commissioner to Nigeria, spoke about India’s commitment to Africa’s development. She noted that Prime Minister Narendra Modi has prioritized Africa in India’s foreign and economic policy. Rawat emphasized that India’s approach will be based on African priorities. She added that this will help unlock Africa’s potential rather than constrain it. India has shown itself to be a reliable partner in supporting Nigeria’s socio-economic growth.

Investment-Driven Partnerships

Rawat acknowledged that Nigeria prefers investment-driven partnerships over debt-financed projects. She assured that India’s collaboration with Nigeria would align with its priorities. Rawat encouraged Nigerian businesses to explore India’s strengths in fintech, AI, and vaccine manufacturing. Nigerian companies should also attend Indian trade exhibitions to create better collaboration opportunities.

Agricultural Cooperation and Investment

India and Nigeria collaborate in agricultural research. The International Crops Research Institute for the Semi-Arid Tropics operates a research center in Kano. Rawat encouraged Indian investors to explore large-scale agricultural production in Nigeria. This would create jobs, increase income, and boost agro-processing.

Stronger Cooperation in Healthcare

The healthcare sector is also a focus of cooperation. Rawat mentioned Indian hospitals like Primus and EyeQ growing in Nigeria. She praised the MOU between India’s Serum Institute and BioVaccine Nigeria. This agreement will support local vaccine manufacturing in Nigeria. Rawat also encouraged both countries to collaborate on quality medical treatments and specialized procedures.

Expanding Energy Cooperation

Rawat urged Nigeria to join India’s global initiatives, such as the International Solar Alliance. India has allocated $2 billion for off-grid solar projects in Africa. Rawat encouraged Nigeria to use this funding to expand its electricity generation capacity.

Exploring Currency Swap and Bilateral Trade Settlements

India has introduced a system for bilateral trade settlements in Indian Rupees. Rawat suggested that both countries explore a currency swap agreement. This would reduce reliance on foreign exchange. Rawat acknowledged challenges faced by Indian investors in Nigeria. These include power supply issues, security concerns, and the cost of expatriate permits. However, she believes Nigeria’s policies will continue to improve.

Growing Trade Between Nigeria and India

LCCI President Gabriel Idahosa highlighted the growing trade relationship. In the fourth quarter of 2024, Nigeria’s total merchandise trade was N36.6 trillion. This marked a 68.32% increase from the previous year. India is Nigeria’s fourth-largest export destination, with exports valued at N1.60 trillion. Imports from India stood at N1.90 trillion.

Energy Sector and Beyond

Idahosa emphasized that the energy sector is key to Nigeria-India trade. However, there is a need to explore opportunities beyond oil. These include technology, agriculture, and pharmaceuticals. Idahosa stressed that deeper collaboration will unlock new opportunities for sustainable growth.