Tuesday, September 16, 2014

Nigeria-India Trade Volume to Hit $20bn Says Indian High Commissioner

Indian High Commissioner to Nigeria Shri Ajjampur Rangaiah Ghanashyam has disclosed that the volume of trades between Indian and Nigeria, which currently stands at $19.5 billion, will increase to over $20 billion by ending of the year.

Speaking to journalists after the Diplomatic Dialogue Series organised by Nigeria Leadership Initiative (NLI) in Lagos, Ghanashyam said the trade relationship between the two countries spans different sectors of the economy including education, health, industry and Information Technology (IT).

He said: "This is the only country where Indian companies are run by Nigerians and Nigerian companies run by Indians so there are many sectors of business that bring about collaborations. This kind of relationship is unique only to these two countries. You may not find it in any part of the world.”

Ghanashyam said Nigerian government is currently partnering with the lndian government in the development of Nigeria’s power sector, adding that Nigeria is exploring ways of adopting the lndian power sector model as a way of transforming her power sector.

According to him, currently, Nigeria is in partnership with TaTa of lndia to produce 10,000mw of electricity. Comparatively, lndia has achieved over 400 per cent leap in generation capacity in the last 10 years. 
"This has nothing to do with problem of insurgency in some part of Nigeria. In fact, we believe that those areas that currently experience the challenge of insurgency need some kind of assistance. We cannot stop connecting with some areas just because they have some challenges today," the High Commissioner said.

Ghanashyan however expressed regret on the issue of double taxations, which he noted, has been affecting Indian businesses in Nigeria. He said since his assumption of office he has taken it up as a challenge and has sent in correspondences to the Federal Ministry of Finance on the development. He expressed confidence that the issue would be addressed in due course.

"The last figure I have about volume of trade between India and Nigeria as at April 2014was $19.5billion. And it is still growing. The relationship is growing by the day, by the week, months and year. And the trade will shoot beyond $20 billion before the end of the year," Ghanashyan said.
Also speaking, the President, Nigeria-India Chamber of Commerce and Industry, Dr. Umo Itsueli said considering the rising growth rate in the economies of both nations, it is only expedient that the trade relationship is strengthened. 
In his remarks, the Chief Executive Officer of NLI, Yinka Oyinlola said the aim of organising the roundtable discussion was to see that business relationships between Nigeria other countries are not only focused on countries of the North but also countries of southern hemisphere where India is a major key player.


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