•As trade volume hits N2.7trn in 2013

NIGERIA’s Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, has called for effective collaboration between the country and India on energy, textile, pharmaceuticals and maritime security.
He made the call in Lagos during a meeting with a business delegate from India led by Mrs. Rani Mallick, the First Secretary in High Commission of India.

Aganga cited two lessons Nigeria could learn from the Indian experience, namely, her success in productivity growth through smallholder agriculture and, micro, small and medium enterprises development, which requires both market-based incentives and public support, as this has formed the cornerstone of the Indian economy.

Secondly, the role played by leadership and a capable public administration at all levels of the government to support the economy. “It is within this context that the two inter-related issues of private investment and aid flows from India, may well be of benefit to West Africa. There are also domestic policy lessons with potentially larger long-term benefits, we can learn from the Indian experience,” he said.

Mallick said the basis of the meeting with the Minister is to find out how much India is doing in terms of partnering with Nigeria on trade issues and how to improve on it.  According to her, India government is ready to work with Nigeria to improve the ease of doing business and boost skills acquisition among Nigerians.

On trade volume between the two countries, Mallick said trade volume between India and Nigeria reached 16.67 billion dollars (N2.7 trillion) in 2013, adding that that the trade relation between the two countries was favourable to Nigeria. “India has long been Nigeria’s privileged business partner in various sectors and our engagement is expanding by the day.  India is today Nigeria’s largest trading partner. “During the past few years, bilateral trade has doubled and Indian exports to Nigeria have tripled.  “Today, Nigeria is India’s largest trading partner in Africa with 16.67 billion dollars in direct bilateral trade in 2013,” she said.

Malick said there were over 100 Indian companies with cumulative investments as well as creating jobs in Nigeria.  She, however, said that both countries had yet to adequately harness the bilateral trade potential.