India and Nigeria Forge Path to Strengthen Economic Bonds through Currency Settlement Agreement
Abuja: In a bid to fortify economic ties, India and Nigeria have embarked on a collaborative journey towards the early conclusion of a Local Currency Settlement System Agreement. This significant step emerged from a Joint Trade Committee (JTC) meeting held in Abuja, where both nations identified key areas for enhancing bilateral trade and fostering mutually beneficial investments.
Led by Additional Secretary in the Department of Commerce of the Union Commerce and Industry Ministry, Amardeep Singh Bhatia, a seven-member Indian delegation engaged in comprehensive discussions with their Nigerian counterparts on April 29-30. The meeting, co-chaired by Permanent Secretary of Nigeria’s Federal Ministry of Industry Trade and Investment, Ambassador Nura Abba Rimi, underscored the shared commitment to harnessing the untapped potential for further expansion in bilateral economic cooperation.
The discussions delved into recent developments in bilateral trade and investment ties, with a focus on resolving market access issues and fostering cooperation in key sectors such as crude oil and natural gas, pharmaceuticals, Unified Payments Interface (UPI), power sector, renewable energy, agriculture, education, and transportation. Both sides emphasized the importance of early conclusion of the Local Currency Settlement System Agreement to bolster economic ties.
The official delegation from India, comprising representatives from the Reserve Bank of India (RBI), EXIM Bank of India, and National Payments Corporation of India (NPCI), actively participated in the deliberations, signaling a concerted effort to address pending issues and facilitate trade promotion.
The Joint Trade Committee meeting, conducted in a cordial atmosphere, witnessed enthusiastic responses towards greater cooperation and enhanced people-to-people contacts. Both India and Nigeria reaffirmed their commitment to expeditiously addressing impediments to bilateral trade and promoting a conducive environment for investment.
Accompanying the official delegation was a business delegation led by the Confederation of Indian Industry (CII), comprising representatives from various sectors including power, fintech, telecommunications, electrical machinery, and pharmaceuticals.
Nigeria holds a significant position as India’s second-largest trading partner in the African region, with bilateral trade reaching USD 11.8 billion in 2022-23. Despite a slight decline in bilateral trade in 2023-24, the robust investment landscape continues to thrive, with approximately 135 Indian companies actively engaged in Nigeria’s dynamic market, spanning infrastructure, manufacturing, consumer goods, and services sectors.
