Nigeria-India Business Council Commits to Enhancing Trade Ties

Mayowa DurosinmiOctober 17, 20241 Mins read249

Nigeria-India Business Council Commits to Enhancing Trade Ties

Emeka Ofor, Chairman of the Nigeria-India Business Council, NIBC, has expressed commitment to enhancing trade relations between the two countries.

On Wednesday, Ofor made the pledge known during an inaugural meeting in Abuja with the NIBC board of trustees.

At the meeting, Ofor highlighted the current state of bilateral trade between Nigeria and India, emphasizing the NIBC’s role in nurturing the business and investment relations between the two countries.

The NIBC Chairman noted the total value of the bilateral trading relationship was $14.95 billion in 2022 but dropped to $11.8 billion in 2023.

The council aims to enhance existing business relationships and elevate them to a higher level; the council’s efforts are expected to be boosted by the recent presidential visit to India,” Peoples Gazette quoted Offor.

NIBC Vice-Chairman Dere Otubu emphasised the Council’s commitment to increasing exports and addressing the underrepresentation of Nigerian businesses in India.

Nigeria’s comparative advantage in natural resources and with the vast Indian market, with over 1.4 billion people, presents significant opportunities for Nigerian businesses to expand and improve product presentation,” Mr Otubu stated.

Similarly, NIBC Director-General Chijioke James expressed optimism regarding what he described as “Nigeria’s favourable investment climate”, adding that NIBC had resolved to sustain the momentum and introduce initiatives that strengthen stronger trade relations.

On the Nigerian government side, Ex-defence minister Adetokunbo Kayode said Nigeria was in a “vantage point”, adding that the inauguration had opened a new vista of Nigeria-India business operations. He also touched on the importance of moving from import dependence to local manufacturing or assembly, supported by a law signed by the current government.