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Indian Companies Inject $27 Billion Into Nigeria’s Economy

Indian Companies Inject $27 Billion Into Nigeria's Economy

One hundred and fifty Indian companies have collectively invested $27 billion in Nigeria, as revealed by Mr. Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria. He made this announcement during a dinner held in Abuja to commemorate the 75th Republic Day of India.

Highlighting the strong and historical relations between India and Nigeria, the envoy emphasised that economic and trade ties were robust and continuously expanding. He said, “Our economic and trade relations are strong and growing. Currently, nearly 150 Indian companies with an investment of USD 27 billion are in Nigeria, mainly in the manufacturing sector, and employ the largest number of people after the Nigerian Government.”

In recognition of the special relationship, India extended an invitation to Nigeria as a Guest Country during its presidency of the G20. Mr. Balasubramanian also disclosed that out of the $14 billion promised as an investment into the Nigerian economy during a recent visit, $7 billion had already been signed immediately after the visit.

Expressing solidarity with Nigeria in its journey towards development, he conveyed the commitment of the Indian government to further strengthen ties with Nigeria.

The Nigerian Minister of Foreign Affairs, Ambassador Yusuf Tuggar, delivered a message acknowledging the shared commitment of Nigeria and India to South-South cooperation and a mutual aspiration for the reform of the UN Security Council. He highlighted various bilateral associations and partnerships, including the Nigeria-India Joint Commission (NIJC), India’s Technical and Economic Cooperation (ITEC), and other training programmes, as evidence of the strong relationship between the two nations.

Ambassador Alex Kefas, Director of European Affairs in the Foreign Affairs Ministry, representing Ambassador Tuggar, noted the remarkable improvement in Nigeria-India economic relations, with the trade volume between the two countries witnessing significant growth.

The Minister said, “India is now Nigeria’s largest trading partner in Africa and the highest importer of Nigeria’s crude oil. Similarly, Nigeria is India’s largest trading partner in Africa.

“Bilateral trade between both countries in the last two years amounted to approximately USD 14.95 billion in the formal sector and about USD 5 billion in the informal sector.”

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