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India and Nigeria identified new areas of bilateral trade

New Delhi, May 3 (Prensa Latina) India and Nigeria identified new avenues of cooperation in trade areas, digital and public infrastructure, oil, natural gas, and pharmaceutical products, the Ministry of Commerce and Industries of India reported.

At the Joint Committee Second session held in Abuja, the capital of Nigeria, delegations from the two countries also agreed on the prompt completion of the Local Currency Settlement System agreement, the official source said in a statement.

Both sides reviewed in detail the behavior of bilateral business and investment ties in a comprehensive dialogue, recognizing the vast untapped potential, for which they agreed on actions to solve problems in areas such as access to Indian and Nigerian markets and strategies for boosting cooperation in key sectors like in crude oil, natural gas, pharmaceuticals, unified payments interface, local currency settlement system, power, and renewable energy sector.

They also reviewed new ventures in agriculture and food processing branches, education, transportation, railways, aviation, and small and medium-sized businesses, among other items.

Participants in the meeting agreed on the importance of the early conclusion of the agreement on the Local Currency Settlement System to strengthen bilateral economic ties.

The Ministry of Commerce and Industries of India stated that the talks took place in a cordial and friendly atmosphere, and described them as fruitful. It also noted the enthusiastic response towards greater cooperation, addressing pending issues, promoting trade and investment, and achieving greater contacts between peoples.

Nigeria is India’s second-largest trading partner in the African region. Trade between both countries amounted to 11.8 billion dollars in the 2022-2023 period, although it showed a downward trend between 2023 and 2024, with 7 billion 890 million dollars, according to official data.

Nearly 135 Indian companies are participating actively in the Nigerian market in sectors spanning infrastructure, manufacturing, consumer goods, and services, with a total investment of 27 billion dollars.