Indian Prime Minister Narendra Modi arrived in Nigeria for a state visit that will take him two crucial days between November 16 and November 17, 2024.
The visit, the first by any Indian Prime Minister to Nigeria in 17 years, underscores the strategic importance of the diplomatic relations between both countries.
Prior to this visit, the Nigerian Ministry of Foreign Affairs on Friday in Abuja, held an event that heralded the significance of the visit of Modi, where he will engage his Nigerian counterpart, President Bola Tinubu, on a wide range of issues.
Both countries signed a Memorandum of Understanding (MoU) to enhance cooperation in the areas of cultural exchange, cooperation in customs and survey.
The permanent secretary Ministry of Foreign Affairs, Ambassador Dumoma Umar Ahmed, who signed the MoU on behalf of Nigeria, noted that it represented a milestone in the long-standing partnership and mutually beneficial relationship and cooperation between the two countries, adding that the partnership between the two countries had always been one of mutual respect and shared aspirations.
He said for decades, Nigeria and India had shared strong ties rooted in historical, cultural, and economic collaboration from the shared values of democracy and pluralism to their engagement in global platforms like the United Nations (UN).
“Consequently, the MoUs in the areas of cultural exchange, customs and many diverse areas are symbols of our shared vision for growth, innovation, and sustainable development,” he said.
Dunoma emphasised that the success of these MoUs depended not only on the agreements signed, but also on the commitment in ensuring the implementation of their provisions.
“I am confident that the relevant stakeholders from both countries will work together to ensure the realization of this great milestone for the benefits for our people,” he said.
The recent visit of Tinubu to participate at the G20 Leaders Summit from 9th -10th September, 2023 and the visit of Modi, further underscore the commitment to deepening this relationship and exploring new horizons of cooperation for the benefit of the people of both countries.
It is on record that Indian companies have made significant contributions to the critical sectors, especially in textiles, pharmaceuticals, fishing, and engineering and providing employment, skills and technical assistance to the Nigerian people.
The Indian defence system has through the Indian Technical and Economic Cooperation (ITEC) programme assisted in the training of military personnel from Nigeria. This has greatly enhanced the capacity to contain the security threat facing the country.
Both countries have also strengthened their naval cooperation, particularly in the Gulf of Guinea to ensure maritime security in that important international trade route.
India is one of the major trading partners for Nigeria. According to the Indian High Commissioner to Nigeria, Shri G. Balasubramanian, Indian products account for over 70 per cent of the pharmaceutical market in Nigeria. Bilateral trade reached $7.89 billion in 2023-24, despite the setback caused by the global pandemic.
Nigeria, the envoy said, is the 2nd largest trading partner of India in the African region, with a bilateral trade worth $11.8 billion in 2022-23. In 2023-24, the bilateral trade stood at $7.89 billion.
India’s investment in Nigeria is massive. The Asian giant has over 200 companies doing business in Nigeria. It is estimated that Indian investments in Nigeria are worth $27 billion across various sectors, including pharmaceuticals, power, and construction.
The Nigerian government is making intentional efforts to revitalise its economy by diversifying key sectors. India presents enormous opportunities to improve Nigeria’s power, transportation, infrastructure, maritime, agro-processing, mining, and textiles.
Nigeria’s Small and Medium Enterprises (SMEs) need to have access to the huge Indian market, especially as Nigeria is one of the highest producers of so many agro-products. Nigeria’s sorghum, sesame seed, millet, soya beans, cocoa seed are highly sought after all over the world and the Indian market is surely going to be a lucrative destination for the exports of such goods.
Therefore as Tinubu and Modi meet to review the recent developments in bilateral trade and investment with India, it is incumbent on the Nigerian leader to open up more frontiers for the expansion of the Nigerian economy to exploit its untapped potential for inclusive growth.
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