By Emeka Aginam

The Minister of Foreign Affairs, Ambassador Olugbenga Ashiru, has said that trade between India and Nigeria was valued at $14.628 billion per annum as at August, 2011.

The Minister in his keynote address at the second India- African academic conference jointly organized by the India Council on World Affairs (ICWA) and the Nigerian Institute of International Affairs, in Lagos, told the capacity audience at the event that India with an investment of $5 billion was the largest investor in Nigeria in 2010.

“Nigeria is well positioned and equipped to play critical role in the promotion of Indo-Nigeria relations. The very cordial bilateral relations between the Republic of India and the Federal Republic of Nigeria that have continued to enjoy considerable expansion support Nigeria’s role as the main facilitator of Ido-Nigeria relations. In recent years, trade between India and Nigeria has grown.”

India is third largest export destination for Nigeria after United States and Spain, the largest investor in Ghana, and the second largest trade partners of Senegal. Half of India’s imports of cashew nuts are from Ivory Coast and Guinea Bissau. Mali, Benin and Burkina Faso export high quality cotton to India.