Finance

Nigeria, India Trade Volume Hit $14.95b.

January 27, (THEWILL) – The trade volume between Nigeria and the Republic of India hit $14.95 billion in 2022.

Indian High Commissioner to Nigeria, Gangadharan Balasubramanian, disclosed this on Thursday, in Abuja, during the 74th Republic Day of India.

Balasubramanian said between 2021 and 2022, India purchased ten and half billion dollars worth of oil from Nigeria, adding that about four and half billion dollars worth of goods, including pharmaceuticals and engineering goods, were sent to Nigeria from India within the period.

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“So, there is a lot of cooperation in the trade sector and we hope to increase that further,” Balasubramanian said.

On efforts to balance the trade between both countries, Balasubramanian noted that it was based on demand and supply from both sides.

“So, it is a commercial thing. But we are trying to look at the foundation agreements like the double taxation avoidance treaty, bilateral investment treaty to be put in place, which are important for increasing trade and economic cooperation,” Balasubramanian said.

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On the issue of direct flights between Nigeria and India, the envoy disclosed that he received information from Air Peace on Wednesday, that it will begin operation very soon.

“They have all the commissions to fly to Bombay and are just awaiting the date from them. The person from Air Peace had actually reached out to us to come and inaugurate it. We will be doing it very soon,” he said.

Earlier, Balasubramanian said both countries were looking at deepening cooperation in the area of Information and Communications Technology (ICT), particularly 5G, Universal Payment Index (UPI) and also, the Roopay part of it.

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“It will be possible for us to achieve all these things and it will help us in our trade and economic cooperation,” Balasubramanian said, adding that both countries were also making efforts to revive agriculture.

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