Nigeria and India have reaffirmed their commitment to strengthening bilateral relations through increased trade, investment, and cooperation in key economic sectors. This renewed commitment was highlighted at a business seminar hosted by the Lagos Chamber of Commerce and Industry, where stakeholders from both nations outlined strategies to deepen the partnership. The seminar marked a significant milestone in the Nigeria-India economic relationship, as both countries seek to leverage each other’s strengths to drive growth and development
Acting Indian High Commissioner to Nigeria, Vertika Rawat, emphasized India’s dedication to Africa’s development, stating that Indian Prime Minister Narendra Modi has made Africa a top priority in India’s foreign and economic policy. Rawat noted that India’s engagement with Africa is driven by African priorities, ensuring that “it will be on terms that will liberate African potential and not constrain African future.” This commitment is reflected in India’s increasing investment in Africa, with Nigeria being a key partner.
The Nigeria-India economic relationship has grown significantly in recent years, with trade between the two countries increasing by 68.32% in the fourth quarter of 2024. India ranked as Nigeria’s fourth-largest export destination, valued at N1.60tn, while imports from India stood at N1.90tn. The energy sector remains a cornerstone of Nigeria-India trade relations, with crude oil exports playing a dominant role. However, stakeholders are exploring new opportunities beyond oil, including technology, agriculture, and pharmaceuticals.
Agricultural cooperation is a key area of focus for Nigeria and India. The International Crops Research Institute for the Semi-Arid Tropics, headquartered in India, already operates a Kano State Centre for researching crops such as millet. Rawat encouraged Indian investors to explore large-scale agricultural production in Nigeria, which would create employment, generate income, and boost agro-processing. This cooperation has the potential to transform Nigeria’s agricultural sector, making it more productive and efficient.
Healthcare cooperation is another area of focus for Nigeria and India. Indian hospitals such as Primus and EyeQ are growing in Nigeria, providing quality medical services to Nigerians. The memorandum of understanding between India’s Serum Institute and BioVaccine Nigeria is a crucial step towards local vaccine manufacturing. Rawat called for closer cooperation in healthcare, including providing quality medical treatment in Nigeria and specialized procedures in India.
Renewable energy cooperation is also on the agenda for Nigeria and India. India has allocated $2bn in concessional credit for off-grid solar projects in Africa, and Rawat urged Nigeria to capitalize on this opportunity to expand its electricity generation capacity. This cooperation has the potential to increase Nigeria’s access to renewable energy, reducing its reliance on fossil fuels.
While the Nigeria-India economic relationship holds much promise, there are challenges that need to be addressed. Rawat acknowledged concerns raised by Indian investors, including power supply issues, security, foreign exchange repatriation, and the cost of expatriate permits. However, she expressed confidence that Nigeria’s business-friendly policies would continue to improve to address these challenges.
The strengthening of economic ties between Nigeria and India marks a new era of cooperation and growth for both nations. As they deepen their partnership, they must address the challenges that arise and leverage each other’s strengths to drive growth and development. The potential for cooperation in areas such as agriculture, healthcare, and renewable energy is vast, and both nations must work together to realize this potential.
