Bilateral Trade Vlume Between India And Nigeria Hits $14bn

AS the world economy continues to recover from the effect of COVID-19 pandemic, India’s volume of bilateral trade with Nigeria has picked up, reaching $14 billion in the first quarter of this year.
This represents about a 17 per cent increase from the same period in 2020.
Indian High Commissioner to Nigeria, Mr Abhay Thakur, disclosed this on Sunday during the celebration of the country’s 75th Independence Day in Abuja.
The envoy said though the bilateral trade witnessed disruptions in 2020 due to the COVID-19 pandemic, which ravaged the global economy, the trade is back on track and even witnessing steady progress.
He said: “The current trade volume is nearly $14 billion. I am very happy to report that in the first quarter of this year, our trade has increased by nearly 17 per cent, compared to the first quarter of 2020. There were some disruptions due to the outbreak of the COVID-19 pandemic, but the bilateral trade is back on track and even higher than what it was in the previous year.”
Speaking on the ties between both countries, the Indian envoy said: “India has achieved a lot in terms of its relationship with Nigeria. Our relations predate each other’s independence and have become major trading partners.
“We are also supporting each other on the multilateral fora on issues of global concerns especially counter-terrorism and economic growth of countries around the world.
“We have had some very important visits of Nigerian defence and security establishments to India over the last two years. We are working together to combat terrorism.”
In a speech on the country’s 75th Independence Day, Indian Prime Minister, Shri Narendra Modi, said his administration would launch a major infrastructure plan to boost the economy and aim at 100 percent coverage of development schemes.
A 100 trillion rupees ($1.35 trillion) national infrastructure plan called “Gati Shakti” to boost manufacturing and employment will be launched, the Prime Minister said.
“From free cooking gas to health insurance schemes, the poor of the nation know the strength of the government schemes. These schemes have expanded rapidly in recent times, but now we have to move toward saturation,” Modi said in his address from the ramparts of the Red Fort in New Delhi.
He said: “One hundred percent of villages should have roads, 100 percent of households should have a bank account, while 100 percent of eligible persons should get insurance, pension and housing schemes. We have to operate on a cent-per-cent mode.”
The Prime Minister added that: “All manufacturers should target the global market. India should become the hub of global market.”