Abuja:
Trade between India and Nigeria has risen to $16.6 billion, indicating a major boost in the economic relationship between the two countries.
The volume of trade between India and Nigeria has risen to $16.6 billion, which indicates a significant boost in the economic relationship between the two friendly countries, High Commissioner of India to Nigeria Mahesh Sachdev said during the 67th Indian Independence Day celebration here.
The figure was recorded in the last fiscal year ending on March 31 this year, Sachdev told the press, adding that India's Foreign Direct Investment (FDI) in Nigeria also amounted to $10 billion.
According to him, Nigeria's subsidiary of Bharti Airtel alone invested $5 billion.
"There are almost 100 Indian companies in Lagos alone and hardly any sector of the Nigerian economy is untouched by India-Nigeria synergy," he said.
The High Commissioner disclosed that Nigeria has a trade surplus of $11 billion, with petroleum and crude products' export to India amounting to $137 million.
"We have such big projects like Indorama which is putting together a fertilizer plant worth $2.4 billion.
Nagarjuna is also establishing a fertilizer project for $3 billion" Sachdev said.
Scores of Indian expatriates from all walks of life attended the Independence Day celebration in the capital of the oil-rich country, Abuja, and commercial nerve-centre, Lagos simultaneously.