Nigeria and the Republic of India conducted $14.95 billion worth of commerce in 2022.
At the 74th Republic Day of India, in Abuja, the Indian High Commissioner to Nigeria, Gangadharan Balasubramanian, revealed this.
According to Balasubramanian, between 2021 and 2022, India bought ten and a half billion dollars’ worth of oil from Nigeria.
According to Balasubramanian, between 2021 and 2022, India bought ten and a half billion dollars’ worth of oil from Nigeria.
Balasubramanian added that efforts to balance trade between the two nations were based on supply and demand from both sides.
Concerning the issue of direct flights between Nigeria and India, the ambassador revealed that he learned on Wednesday from Air Peace that it will soon start operating.
Balasubramanian had earlier stated that both nations were considering intensifying their cooperation in the field of information and communications technology, particularly in relation to 5G, the Universal Payment Index, and the Roopay component of it.
In his words; “So, there is a lot of cooperation in the trade sector and we hope to increase that further,” Balasubramanian said.
“So, it is a commercial thing. But we are trying to look at the foundation agreements like the double taxation avoidance treaty, bilateral investment treaty to be put in place, which are important for increasing trade and economic cooperation.”
“They have all the commissions to fly to Bombay and are just awaiting the date from them. The person from Air Peace had actually reached out to us to come and inaugurate it. We will be doing it very soon,” he said.
“It will be possible for us to achieve all these things and it will help us in our trade and economic cooperation,” Balasubramanian said, adding that both countries were also making efforts to revive agriculture.
