Need for early conclusion of investment pact with Nigeria: Sharma

Our Bureau New Delhi | Updated on March 16, 2011

The Minister of Foreign Affairs of Nigeria, Mr Henry Odien Ajumogobia, calling on the Minister of Commerce and Industry, Mr Anand Sharma, in New Delhi on Wednesday. -- V. Sudershan   -  The Hindu

With India-Nigeria trade projected to touch $12 billion in 2010-11, the Commerce and Industry Minister, Mr Anand Sharma, has called for an early conclusion of Bilateral Investment Promotion and Protection Agreement (BIPPA) to further boost ties between both the countries.

“The complementarities of Nigerian and Indian economies need to be harnessed for more extensive bilateral engagement,” Mr Sharma said in a statement on Wednesday after a meeting with the Foreign Minister of Nigeria, Mr Henry Odein Ajumogobia.

Mr Sharma informed the Nigerian Minister that some Indian companies are keen to invest in Nigeria in sectors such as power and petroleum.

He said the total Indian investment in Nigeria during 2010 was around $5 billion, while the total foreign direct investment from Nigeria to India during April 2000 to December 2010 was $6.49 million. There are over 100 Indian companies in Nigeria mainly in automobiles, telecom, hydrocarbons, textiles, chemicals, electrical equipment, pharmaceuticals, plastics and IT.

India-Nigeria trade had fallen by around 17 per cent to $8.7 billion in 2009-10, of which India's exports were only $1.4 billion, while Nigeria's exports to India were $7.3 billion.

Published on March 16, 2011

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