Indian companies have invested a total of $20billion into the Nigerian economy through the setting up of manufacturing companies and creating jobs.
According to The Nation, its Consulate-General in Lagos, Shri Chandramouli Kern, said Nigeria is also the biggest trading partner of India with trading volumes hovering around $15billion yearly.
Kern, made this disclosure at the Securex West Africa Exhibition held at Landmark Event Centre, Oniru, Lagos Island, when he visited the stand of Virdi Nigeria.
He said, “India is the biggest trading partner of Nigeria. Our bilateral trade hovers around $15 billion per year.The cumulative investment of Indian companies in Nigeria is to the tune of $20 billion.
“Indian companies are doing good in several sectors. I was very much impressed with the presence of several Indian-led companies in Securex 2023, which is one of the biggest such exhibitions in Africa.
“Technology related to access control through biometrics and security through artificial intelligence (AI)-enabled cameras is mandatory in the present scenario. Companies like Virdi Nigeria and others are offering state of the art solutions for home and enterprises. Arvind Mills were also present with their fire retardant clothings which is essential in the oil and gas Industry.”
He stated how Indian companies are contributing positively to the growth of Nigeria’s economy, adding that the bilateral relation will continue to grow from strength to strength.
India’s exports to Nigeria include mineral fuels, oils, distillation products, machinery, nuclear reactors, boilers, vehicles other than railway, tramway, pharmaceutical products, electrical, electronic equipment, paper and paperboard;
Others are articles of pulp, organic chemicals, Animal, vegetable fats and oils, cleavage products, articles of iron or steel, miscellaneous chemical products, Optical, photo, technical, medical apparatus, tanning, dyeing extracts, tannins, derivatives, pigments, iron and steel, inorganic chemicals, precious metal compound, isotope, textile articles, sets, worn clothing, aluminum, fish, crustaceans, molluscs, aquatics invertebrates, aircraft, and spacecraft.
