Nigeria-India trade volume hits $17bn – Envoy

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India’s Acting High Commissioner in Nigeria Kaisar Alam yesterday said the trade volume between Nigeria and India reached USD17 billion from April 2013 to March 2014.

He said in Abuja that India imported 14 billion-dollar worth of goods from Nigeria during the year while Nigeria imported USD3 billion worth of goods from India in the same period.

Alam explained that India was currently the largest importer of Nigeria’s crude oil, importing USD12 billion worth of the product in the year under review.

“India imported $14 billion worth of goods from Nigeria from April 2013 to March 2014, including $12 billion worth of crude oil,” he said.

He also explained that with the reduction of U.S. import of Nigeria’s crude oil, India was currently Nigeria’s largest trading partner.

According to him, a large number of Indian companies and businesses have footprints in Nigeria, which have made substantial investments in Nigeria.

The envoy explained that the increasing trade relations between the two countries would boost trade volume in 2014-2015 fiscal year.

He said that the relations between the two countries had always been friendly, noting that “Nigeria is a very important country to India.”

He expressed the optimism that the bilateral relations between Nigeria and India would improve significantly in the current year.—Ships and Ports

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