After 17 years, an Indian Prime Minister will visit the West African country for the first time. Prime Minister Modi’s visit to Nigeria is considered very important. The reason for this is to increase trade between both countries, which has decreased considerably. Trade between the two countries amounted to over $12 billion in the financial year 2021-22, which reduced to about $8 billion in the financial year 2022-23. On the other hand, 135 Indian companies have invested 27 billion dollars.
In such a situation, Prime Minister Narendra Modi’s visit to Nigeria becomes even more important. According to the report, Prime Minister Modi will try to open investment avenues for Indian companies in Nigeria’s mining, infrastructure and defense sectors. However, the last time former Prime Minister Manmohan Singh visited Nigeria was in October 2007. Let us try to understand from the figures how Nigeria has become so important to India and India to Nigeria.
Trade decreased by 47 percent in one year
India is Nigeria’s largest trading partner and Nigeria is India’s largest trading partner in Africa. According to the report by the Consulate General of India in Lagos, trade between India and Nigeria amounted to $7.89 billion in the financial year 2023-24. Which was estimated at $11.8 billion in fiscal year 2022-23. While in the financial year 2021-22, trade between the two countries had reached 15 billion dollars. This means that trade between India and Nigeria has declined for two consecutive years. There has been a decline of about 47 percent in both. While in the fiscal year 2020-21, trade between India and Nigeria was $8.8 billion, which saw an increase of 66 percent in the next financial year.
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Trade between India and Nigeria was like this
135 companies and 27 billion dollars
On the other hand, many Indian companies have made huge investments in Nigeria. Thanks to which Nigeria can survive in many sectors. According to the report of the Consulate General of India in Lagos, currently 135 Indian companies are working in Nigeria. Who have invested a total of 27 billion dollars in the African country. The investments of all these companies have been made in many sectors such as infrastructure, manufacturing, consumer goods and services. In such a situation, Prime Minister Modi’s tour of Nigeria was considered very important.
What is export and import?
However, India sends more goods to Nigeria and imports less. If we talk about exports first, India’s exports to Nigeria include refined petroleum, packaged medicines, motorcycles and bicycles, machinery and instruments, transportation equipment, electronic products and metal manufacturing. If we talk about goods imported from India, they include oil, crude oil and derived products. In addition, the list of imported products also includes non-ferrous metals, wood and its products, as well as cashew nuts.
