India to raise investment in Nigeria’s non-oil sector

A delegation Indian farming equipment suppliers, food processors, energy and solid mineral firms, construction firms, healthcare practitioners, town planners and others, met with members of the organised private sector in Lagos on Friday to discuss joint investment in the non-oil sector of the Nigerian economy.

The delegation, under the aegis of Confederation of Indian Industry which was led by the Vice President of India, Mohammad Ansari, made a stop-over at the Lagos Chamber of Commerce and Industry from Abuja where they had met with members of the Nigerian OPS on Thursday to discuss greater collaboration between Nigerian and Indian businesses operating in the sector.

In her opening remarks at the occasion tagged Nigeria-India Business Meeting, the President of LCCI, Dr. Nike Akande, noted that bilateral relations between Nigeria and India had expanded in recent years with both nations building strategic and commercial ties.

She said, “Nigeria is currently India’s largest trading partner in Africa.  According to statistics from Nigeria, India is now Nigeria’s largest market for exportable goods overtaking the United States which was Nigeria’s largest export destination since 1964.

“The visit of the Vice President of India to Nigeria in the last few days is an indication that the recent economic development has further strengthened relations between the two countries. The presence of a large Indian expatriate community in Nigeria also shows that Nigeria has become a home for many Indians in West Africa.”

The Regional Director, Africa, CII, Mr. E.B. Rajesh said the meeting with LCCI was important because of the huge investment India has in Nigeria and the relationship it has with LCCI.

He said, “We have been in Nigeria in the past four days, meeting with government officials and captains of industry. CII has a desk in New Delhi that promotes trade between India and Nigeria.   Among us today, we have operators in all the non-oil sectors of the economy that are ready to do business with you. “

The meeting consisted of a network session where Nigerian agro investors negotiated with equipment suppliers from India on supplies and technical support while practitioners in the healthcare, energy, solid mineral sectors held similar negotiations.