Second session of India-Nigeria Joint Trade Committee held in Abuja
The second session of the Joint Trade Committee (JTC) between India and Nigeria was organized in Abuja from 29 to 30 April 2024. A seven-member delegation from India, G Balasubramaniam, High Commissioner of India to the Federal Republic of Nigeria and Priya P Nair, Economic Advisor, Department of Commerce, participated in it. They were led by Amardeep Singh Bhatia, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry.
Key Points
- Both countries identified several areas of focus (digital economy and digital public infrastructure, crude oil and natural gas, pharmaceutical sector) to enhance bilateral trade as well as mutually beneficial investments.
- Both sides agreed to the early conclusion of the Local Currency Settlement System Agreement to further strengthen bilateral economic relations.
- To promote bilateral trade, both sides have committed to expeditiously resolve all issues hindering bilateral trade and promote trade between the two countries.
Bilateral trade between India and Nigeria
- Nigeria is India’s second largest and major trading partner in the Africa region.
- It was 11.8 billion US dollars in the year 2022-23.
- Bilateral trade in the year 2023-24 stood at Rs 7.89 billion.
About nigeria
- Nigeria is a country in West Africa.
- Nigeria is located along the Gulf of Guinea. Its neighboring countries are Cameroon, Niger, Benin and Chad.
- Capital: Abuja
- Languages: English, Hausa, Yoruba and Ibo
- Official currency: Naira (₦)
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