President Bola Tinubu and India’s Prime Minister, Narendra Modi have directed their officials to finalize key trade agreements aimed at boosting economic cooperation.
This was disclosed in a joint statement issued in Abuja at the end of Modi’s state visit.
The leaders emphasized the importance of the Economic Cooperation Agreement, Double Taxation Avoidance Agreement, and Bilateral Investment Treaty in strengthening trade and investment between the two nations.
The statement also highlighted the implementation of some investments pledged by Indian companies during President Tinubu’s visit to India in September 2023.
The Nigeria-India Presidential Roundtable and Business Conference was held alongside the G20 Leaders’ Summit on September 9-10, 2023, in New Delhi, focusing on strengthening economic ties between the two countries.
During the conference, Indian investors committed over $14 billion to key sectors of the Nigerian economy, including industrialization, energy, telecommunications, and defense.
During Prime Minister Modi’s visit, Nigeria and India pledged to strengthen cooperation in key areas such as economic development, defense, healthcare, food security, and more.
President Tinubu and Prime Minister Modi held a private meeting before jointly presiding over expanded bilateral and political talks.
During their discussions, they agreed to enhance collaboration in counterterrorism, maritime security, and intelligence sharing.
Recognizing growing threats in the Gulf of Guinea and the Indian Ocean, both leaders committed to coordinated actions to protect maritime trade routes and combat piracy.
“The leaders reiterated their unequivocal condemnation of terrorism in all its forms and manifestations including the cross-border movement of terrorists and terror financing networks and safe havens.
“They called for zero tolerance to terrorism and expeditious finalisation and adoption of the Comprehensive Convention on International Terrorism in the UN Framework.
“As well as implementation of the UNGA and the UNSC resolutions on countering terrorism and violent extremism.
“It was agreed to enhance cooperation in the area of counter-terrorism,” the joint statement said.
Modi reaffirmed India’s commitment to supporting Nigeria’s defense modernization, emphasizing India’s role as a reliable defense manufacturer.
The two leaders also highlighted the strong economic ties between the nations, with India as Nigeria’s largest trading partner and a key contributor to its economy. Nigeria acknowledged the impact of over 200 Indian companies operating within its borders, which have created significant employment and investment opportunities.
On infrastructure development, the joint statement noted India’s commitment to supporting Nigeria’s priorities through concessional lines of credit and technical expertise.
In the energy sector, both countries agreed to long-term contracts for crude oil and LNG supply, alongside technical support in pipeline transmission security, CNG conversion, and LPG bottling and distribution.
