Trade and commerce take center stage as Indian PM, Modi make maiden visit to Nigeria

According to a press release published by the Office of the Prime Minister, Modi will travel to Nigeria, Brazil and Guyana for a five-day state visit. Modi is expected to visit Nigeria on November 16-17. The visit makes him the fourth Indian Prime Minister to visit Nigeria and the first to visit the African country in 17 years.

The statement read “At the invitation of HE President Bola Ahmed Tinubu, this will be my first visit to Nigeria, which is our close partner in the West African region. My visit will be an opportunity to build on our strategic partnership based on a common belief in democracy and pluralism. I am also looking forward to meeting the Indian community and friends from Nigeria who have sent me warm welcome messages in Hindi.”

The first Indian Prime Minister to visit Nigeria was Jawaharlal Nehru in September 1962, followed by Prime Minister Atal Bihari Vajpayee in December 2003 and Prime Minister Manmohan Singh in October 2007.

Nigeria-India Business Partnership

The two countries have, over the years, maintained their relations through periodic interactions, including important bilateral visits at the level of heads of state or government.

Nigeria's real GDP growth has been robust over the past decade, driven by non-oil sectors, while India has been an important partner in Nigeria's economic growth. The visit will therefore provide both countries with the opportunity to further strengthen their bilateral trade relations.

At the forefront of this visit is the Memorandum of Understanding (MoU) recently signed by the two countries on November 15, 2024.

Nigeria signs new MoU with India

The agreements include a Memorandum of Understanding on Cultural Exchanges, a Memorandum of Understanding on Investigation Cooperation and a Memorandum of Understanding on Customs Cooperation.

The Permanent Secretary of the Ministry of Foreign Affairs of Nigeria, Ambassador Dumoma Umar Ahmed, signed on behalf of Nigeria while the Indian Secretary for Economic Relations, Mr. Dammu Ravi, signed for India.

According to the spokesperson for the Nigerian presidency, Mr. Bayo Onanuga, the two leaders are said to have further discussions on strengthening ties between Nigeria and India based on the MoUs signed earlier.

The two leaders will exchange signed memorandums of understanding to strengthen collaboration in critical sectorsOnanuga posted on X.

The MoUs aim to strengthen trade relations between Nigeria and India, which have been strong for many years. Nigeria is an important trading partner for India and the country ranks fourth among Nigeria's non-oil export destinations.

India was one of the Nigeria's main trading partnersand their bilateral trade volume during the year 2021-2022 stood at $14.95 billion, while Indian exports to Nigeria during the period 2021-2022 stood at $4.66 billion dollars.

Nigeria exports various products like cashew nuts, timber, cotton, pearls, rubber and gum arabic to India, while India exports paper and wood products, textiles, plastics , chemicals, machinery, transport equipment, medicines and pharmaceuticals to Nigeria.

The Indian government is committed to maintaining open trade relations with Nigeria and other African countries, removing barriers and facilitating trade. They also plan to support Indian companies that want to invest in Nigeria and the rest of the African continent.

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