India-Nigeria Joint Trade Committee Meeting Summary

  • The meeting was held in Abuja by a seven-member delegation from India, led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Shri Amardeep Singh Bhatia. 
  • The meeting was co-chaired by the Permanent Secretary, Federal Ministry of Industry Trade and Investment, Nigeria, Ambassador Nura Abba Rimi, and Additional Secretary, Department of Commerce. 
  • The meeting focused on enhancing bilateral trade and mutually beneficial investments in key sectors such as Crude oil and Natural Gas, Pharmaceuticals, Unified Payments Interface (UPI), Local Currency Settlement System, Power Sector and Renewable Energy, Agriculture & Food Processing, Education, Transport, Railway, Aviation, MSMEs, and Development. 
  • Both sides agreed to the early conclusion of a Local Currency Settlement System Agreement to further strengthen bilateral economic ties. 
  • The meeting was fruitful with an enthusiastic response towards greater cooperation, addressing pending issues, boosting trade and investment, and greater people-to-people contacts. 
  • The bilateral trade between India and Nigeria stood at USD 11.8 billion in 2022-23 but is currently at USD 7.89 billion in 2023-24.
Posted in Current Affairs.