About 400,000 Indian business entities may target the Nigerian market with the launch of the Associated Chambers of Commerce & Industry of India (ASSOCHAM) in Nigeria.
India’s high commissioner designate to Nigeria, Nagabhushana Reddy, described the launch of ASSOCHAM as “adding another feather in our relationships, especially in commerce” and showing stronger ties between both countries.
He said stronger partnership targeting development was beneficial to both countries, insisting India shared Nigeria’s stance on security, transparency, employment, and diversifying economy into manufacturing and agriculture.
The minister for industry, trade and investment, Okechukwu Enelamah has welcomed ASSOCHAM, citing deeper ties between both countries going back to their days as colonised nations-and both facing similar challenges and having up to 60 percent of their young population under age 25 years old.
“Our ambition throws up opportunities for private sector [businesses] to cooperate and work with us,” said Enelamah.
Bilateral trade between India and Nigeria rose to $75 billion last year, the fastest in the last five years, according to India’s statistics.
India takes 25 percent of all crude oil export from Nigeria, and sees Nigeria – which accounts for 21 percent of GDP in West Africa – among the best growing business points in the next 40 years.
Last week, the Indian government launched a second round of business reforms to ease India’s foreign direct investment, targeting food products, defence and broadcasting among others.
India’s trade with the entire continent last year hit $310 billion, with Africa contributing less than 10 percent of the entire trade volume.
More than 90 percent of India’s trade with Nigeria is in oil, a situation Nigeria’s chamber of commerce wants to change.
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