In the coming decade, India is expected to overtake China as Nigeria’s top trading partner, according to a report by Standard Chartered and its partners.
Nairametrics reported that the “Future of Trade 2030- Trends and Markets to Watch” research noted that Nigeria’s fastest and largest export corridor will be India, with exports anticipated to rise at an average rate of 12.4% yearly until 2030 and estimated to reach over $112.
By the end of the decade, exports to India are anticipated to amount to $36 billion.
The research lists metals, agricultural products, natural gas, crude oil, and these as the products driving this expansion. The research also revealed that Nigeria’s investments in digital infrastructure and initiatives to establish a smooth corporate environment have aided in the country’s development.
“Nigeria has turned its focus to encouraging digital transformation, financial inclusion, and physical infrastructure development with a number of billion-dollar initiatives, driven by its Industrial Revolution Plan and National Digital Economy Policy (2020–2030).
“These initiatives are anticipated to help Nigeria’s ambitions for economic diversification and growth outside the oil sector.
The report’s authors highlighted that: “India’s growing energy demand and efforts to expand its sourcing locations, as well as the strengthening trade ties between the two markets, are driving Nigeria’s exports to India.”
The report also emphasized Asia as a crucial economic route for Nigeria moving forward since by 2030, India, Mainland China, and Indonesia will be crucial to Nigeria’s international trade.
“Cote d’Ivoire, the United States, France, the Netherlands, Spain, and other nations will also grow to be important trading partners.”
The survey made notice of the fact that 14% of the 500 C-suite executives it questioned currently do so or intend to do so in Nigeria within the next 5–10 years, highlighting the country’s appeal to international corporate executives.
The research also identified 13 markets in Asia, Africa, and the Middle East that will fuel much of this development. Among the other “hyper-growth markets” mentioned were Bangladesh and Nigeria.
