Nigeria-India trade hits $9bn

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About 10 Indian business firms took part in a business summit in Abuja last week setting the stage for joint ventures that could create more opportunities between the two countries.

The summit, organised by the Shell Petroleum Development Company (SPDC) in Abuja, brought together more than 50 Indian and Nigerian companies to explore areas of collaboration and partnership as part of efforts to encourage Nigerian content development, the company said in a statement.

Ernet C Nwapa

Ernet C Nwapa

Engr. Ernest Nwapa, at the opening ceremony said “the business summit is a welcome opportunity to help drive new partnerships.”

He said the growth recorded in the Nigerian economy has not resulted in employment opportunities, “so we’re looking for partners to set up manufacturing bases in Nigeria, thereby creating jobs and developing talent and technology. SPDC has done well in providing the connection – last year, it was China, now it is India.”

His remarks were echoed by the General Manager, Materials, Engr. Hussaini Tahir who outlined the opportunities in the oil and gas sector in Nigeria. He said “the fundamentals are right at this time because, in addition to the huge resource base of oil and gas, investors can expect to benefit from ambitious reform programmes and tax incentives and the presence of a large workforce.”

The General Manager, Nigerian Content Development, Shell Companies in Nigeria, Igo Weli said “India and Nigeria have a lot in common and we believe both countries will benefit from increased trade and cooperation especially in the oil and gas sector. SPDC is happy to provide the platform.”

In : Finance