Trade Between India & Nigeria to Reach $12bn
The Indian commerce ministry is expecting trade between India and Nigeria to reach US $12 Billion for the 2010-11 fiscal year. The commerce minister Anand Sharma , who met Nigerian Foreign Minister Odein Ajumogobia this week, said bilateral trade between the two countries had increased 62% in 2010, compared to figures in 2009.
During talks between both ministers they discussed the necessity for early conclusions of the bilateral investment promotion and protection agreement. Sharma also added that Indian companies were keen to invest in Nigerian industries such as power and petroleum. Nigeria is currently India’s largest trading partner in Africa, and the largest market for Indian goods in the continent.
During Ajumogobia visit to India, a bilateral agreement was signed for pharmaceuticals between India’s Department of Pharmaceuticals and Nigeria’s National Agency for Food and Drug Administration and Control. This agreement is expected to help promote mutual trade in quality drugs, drug testing, analysis & detection and to stop the supply of fake drugs.