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The bilateral trade between India and Nigeria is expected to touch $12 billion in the current fiscal, the Commerce and Industry Minister, Mr Anand Sharma, said here today.
In 2009-10, trade between the two countries stood at $8 billion.
In a bilateral meeting with the Nigerian Foreign Minister, Mr Henry Odein Ajumogobia, Mr Sharma said that the bilateral trade between the two countries has been growing at a healthy rate.
“The annual trade is expected to reach $12 billion in 2010-11.”
During the last fiscal, India exported goods worth $1.4 billion to Nigeria, while imported products worth $7.2 billion.
Major export items to Nigeria comprise machinery and instruments, pharmaceuticals, transport equipment and electronic goods, while imports include petroleum, crude and products, non-ferrous metals, wood and cashew nuts.
Further, Mr Sharma informed the Nigerian Minister that the total Indian investment in Nigeria was estimated to be about $5 billion in 2010.
Over 100 Indian companies are operating in Nigeria mainly in automobiles, telecom, hydrocarbons, textiles, chemicals, electrical equipment, pharmaceuticals, plastics and IT industry.
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