Indian companies have cumulatively invested $20billion into the Nigerian economy by way of setting manufacturing companies and creating jobs.
In an email note with The Nation, its Consulate-General, Lagos, Mr. Shri Chandramouli Kern, also said Nigeria is also the biggest trading partner of
India with trading volumes hovering around $ 15 billion yearly.
The envoy, who was at the Securex West Africa Exhibition held at
Landmark Event Centre, Oniru, Lagos Island, when he visited the stand of Virdi
Nigeria, said: “India is the biggest trading partner of Nigeria. Our bilateral
trade hovers around $15 billion per year. The cumulative investment of Indian
companies in Nigeria is to the tune of $20 billion.”
He said Indian companies are contributing positively to the growth of
Nigeria’s economy, adding that the bilateral relation will continue to grow
from strength to strength.
“Indian companies are doing good in several sectors. I was very much
impressed with the presence of several Indian-led companies in Securex 2023,
which is one of the biggest such exhibitions in Africa.
“Technology related to access control through biometrics and security
through artificial intelligence (AI)-enabled cameras is mandatory in the
present scenario. Companies like Virdi Nigeria and others are offering state-of-the-art solutions for homes and enterprises. Arvind Mills were also present with
their fire retardant clothings which is essential in the oil and gas Industry,”
he said.
India’s exports to Nigeria include mineral fuels, oils, distillation
products, machinery, nuclear reactors, boilers, vehicles other than railway,
tramway, pharmaceutical products, electrical, electronic equipment, and paper
and paperboard.
Others are articles of pulp, paper and board, organic chemicals, Animal,
vegetable fats and oils, cleavage products, articles of iron or steel,
miscellaneous chemical products, Optical, photo, technical, medical apparatus,
tanning, dyeing extracts, tannins, derivatives, pigments, iron and steel,
inorganic chemicals, precious metal compound, isotope, They are also textile
articles, sets, worn clothing, aluminum and many others including fish,
crustaceans, molluscs, aquatics invertebrates, aircraft, and spacecraft
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