The Bilateral trade volume between Nigeria and India has hit $14 billion in the first quarter of 2021, representing about a 17 per cent increase from the same period in 2020.
Indian High Commissioner to Nigeria, Mr Abhay Thakur, made this known yesterday during the celebration of India’s 75th Independence Day in Abuja, stressing that the trade volume has the potentials to increase in the coming years.
Thakur noted that although there were setbacks in the bilateral trade between both countries caused in 2020 by the disruptions of the COVID-19 pandemic, there has been steady progress after the economic recoveries.
“The current trade volume is nearly $14 billion. I’m very happy to report that in the first quarter of this year, our trade has increased by nearly 17 per cent, compared to the first quarter of 2020. There were some disruptions due to the outbreak of the COVID-19 pandemic, but the bilateral trade is back on track and even higher than what it was in the previous year,” the envoy said.
He stressed that Nigeria and India have enjoyed robust bilateral relations saying, “India has achieved a lot in terms of its relationship with Nigeria. Our relations predate each other’s independence and we have become major trading partners.
“We are also supporting each other on the multilateral fora on issues of global concerns especially counter-terrorism and economic growth of countries around the world.
“We have had some very important visits of Nigerian defence and security establishments to India over the last two years. We are working together to combat terrorism.”
In a speech on the country’s 75th Independence Day, Indian Prime Minister, Shri Narendra Modi, said his administration would launch a major infrastructure plan to boost the economy and aim at 100 percent coverage of development schemes.
He noted that 100 trillion rupees ($1.35 trillion) national infrastructure plan called “Gati Shakti” to boost manufacturing and employment will be launched.
“From free cooking gas to health insurance schemes, the poor of the nation know the strength of the government schemes. These schemes have expanded rapidly in recent times, but now we have to move toward saturation,” Modi said in his address from the ramparts of the Red Fort in New Delhi.
“One hundred percent of villages should have roads, 100 percent of households should have a bank account, while 100 percent of eligible persons should get insurance, pension and housing schemes. We have to operate on a cent-per-cent mode.”
“All manufacturers should target the global market. India should become the hub of global market,” he said.