Sunday, 7 June 2015

#Nigeria and #India Trade Volume Hits $16.36bn 


The Indian High Commissioner to Nigeria, Amb. Ajjampur Ghanashyam, said on Saturday that the bilateral trade volume between India and Nigeria is estimated at 16.36 billion dollars.


Ghanashyam, who said this in an interview with newsmen in Abuja said the figure represented the trade volume during the financial year, April 1, 2014 to March 31, 2015.

The High Commissioner explained that exports from India to Nigeria stood at 2.68 billion dollars while imports from Nigeria, which comprised mainly crude oil, stood at 13.68 billion dollars.

“Trade during 2013 to 2014 was 16.67 billion dollars.
“This indicates that despite a 50 per cent fall in oil prices in the second half of the 2014 calendar year, there has only been an insignificant difference over the two years in terms of trade,“ he said.

He India’s exports to Nigeria had grown gradually in the last few years, from 1.08 billion dollars in 2007 to 2.66 billion dollars in 2014.
He also said India’s Rice exports to Nigeria declined from 339 million in 2012 and 2013 to 78 million in 2014 due to increase in import duty and enhanced local production of rice.

Ghanashyam said both countries shared significant relations adding: “Nigeria is India’s largest trading partner in Africa and India is Nigeria’s largest trading partner in the world”.
The envoy said that India was also the largest importer of petroleum crude oil from Nigeria and also the largest expatriate employer of labour in Nigeria.

He said that India sought to enhance its relations with the Federal Government in the areas of agriculture, creating small and medium enterprises, power and developing innovation.

He said this would enhance job creation for both countries.
“We have to do something about the creation of employment for you and for us. We have given our priorities. The first thing that we need to do in Nigeria is power.








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