Nigeria-India Business Council pledges to boost trade ties

The Nigeria-India Business Council (NIBC) says it is committed to boosting trade relations between the two countries.

Dr Emeka Offor, Chairman of NIBC’s Board of Trustees, pledged during an inaugural meeting of NIBC’s Board of Trustees on Wednesday in Abuja.

He emphasised the council’s role in nurturing business and investment connections between the two countries, aimed at advancing the growth of Nigerian enterprises in both countries.

Offor also highlighted the current state of bilateral trade between India and Nigeria, which he noted had fluctuated in recent years.

The board chairman said that the figure was 14.95 billion dollars in 2022, but dipped to 11.8 billion dollars in 2023, which underlined the significance of robust trade relations between them.

“The council aims to enhance existing business relationships and elevate them to a higher level; the council’s efforts are expected to be boosted by the recent presidential visit to India,” Offor said.

Mr Dere Otubu, the Vice Chairman of NIBC, emphasised its commitment to bolstering exports, enhancing foreign exchange revenues and addressing the underrepresentation of Nigerian businesses in India.

He urged both established and emerging Nigerian enterprises to engage with the council in its efforts to boost trade relations better Nigeria and India.

“Nigeria’s comparative advantage in natural resources and with the vast Indian market, with over 1.4 billion people, presents significant opportunities for Nigerian businesses to expand and improve product presentation,” Otubu said.

Also speaking, NIBC Director-General, Chijioke James, expressed optimism about  Nigeria’s favorable investment climate, stressing that NIBC had resolved to sustain the momentum and introduce initiatives that promote stronger trade relations.

He also disclosed plans to form a dedicated working group to enhance Nigeria-India bilateral trade relations by exploring various sectors.

Former Minister of Defence Adetokumbo Kayode said Nigeria was in a vantage position to flourish in business, adding that the inauguration had opened a new vista of Nigeria-India business operations.

He highlighted the potential for growth in Nigeria’s creative industry and manufacturing sectors.

Kayode also harped on the need for expertise and infrastructure, such as cinema villages, to harness the value chain and employ the youth.

He also pointed to India’s advancements in military technology as a potential area for collaboration and growth.

Kayode also emphasised the importance of moving from import dependence to local manufacturing or assembly, supported by a law signed by the current government.