Harry Archie
Nigeria and India are working to strengthen their economic relationship and restore bilateral trade to about $15 billion, Empirical Magazine reports.
The two countries are also looking to expand cooperation beyond crude oil.
Areas being considered include defence, pharmaceuticals, digital technology, fintech, renewable energy and the creative industry.
Indian Prime Minister Narendra Modi is pushing for India to resume and increase its purchase of crude oil from Nigeria.
The move could provide a larger market for Nigerian crude and strengthen economic ties between both countries.
Nigeria and India have had strong commercial relations for many years, with oil playing an important role in their trade relationship.
However, the countries are now looking to broaden their partnership and create more opportunities for businesses and investors.
The renewed push for stronger trade relations is expected to benefit both countries by increasing investment, creating business opportunities and expanding cooperation in sectors beyond petroleum.
The development is particularly important for Nigeria as the government seeks to attract foreign investment and increase non-oil economic activities while strengthening the country’s position in global trade.
