Victor EzejaIn a bid to strengthen bilateral ties between Nigeria and India, not fewer than 150 Indian companies have invested $27 billion in Nigeria in the past four decades.
These investments, primarily in the manufacturing sector, have made them key players in Nigeria’s economic landscape.
Indian High Commissioner to Nigeria, Gangadharan Balasubramanian, made this known at an event to mark the Asian nation’s 75th Republic Day.
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In his address, the envoy emphasized the enduring historical ties between India and Nigeria, expressing India’s keen interest in furthering investments in the African nation. Balasubramanian highlighted the strength of economic and trade relations, citing the presence of 150 Indian companies contributing significantly to Nigeria’s employment sector.
He reinforced India’s commitment to bolstering ties with Nigeria, referencing the recent visit by India’s External Affairs Minister, Dr. Subrahmanyan Jaishankar, for a Joint Commission meeting.
The envoy also detailed the outcomes of President Bola Tinubu’s visit to the G20 Summit, where $7 billion of the promised $14 billion investment in Nigeria’s economy was swiftly signed.
Balasubramanian attributed India’s progress to its constitutional framework adopted in 1950, underscoring the nation’s growth to become the world’s fifth-largest economy.
He outlined India’s achievements in education, health, and welfare initiatives, emphasizing its role as a significant development partner globally.
Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, echoed the sentiments, highlighting the deep-rooted historical and cultural connections between the two nations. He praised the remarkable improvement in economic relations, noting that India is now Nigeria’s largest trading partner in Africa, with bilateral trade reaching $14.95 billion in the formal sector and an additional $5 billion in the informal sector.
The event, attended by notable dignitaries including Governor Uba Sani of Kaduna State and Minister of Art, Culture, and Creative Economy, Mrs. Hannatu Musawa, showcased the strength and vitality of the India-Nigeria partnership, setting the stage for continued collaboration and growth.
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