Nigeria-India trade volume drops to $12bn in 2016

The Acting Indian High Commissioner, Mr. Kaiser Alam,
has said that the trade volume between Nigeria and
India dropped from $16 billion in2015 to $12 billion in
2016. Speaking at a reception in Abuja to mark the
68th Republic Day of India, the envoy said the fall was
because of declining oil price in the international
market. He said “We were importing the same amount
but the oil prices came down. Above all, our trade was
the same and the trade surplus was in favour of
Nigeria.”
Alam said that 2016 marked a significant year in
bilateral relations, adding that both countries sought to
expand relations in all areas. According to him, the
Indian Vice President, Mr Hamid Ansari, was in Nigeria
in September last year and cooperation in agriculture
was discussed in great detail.
As such, he said Nigeria’s agriculture ministry officials
will visit India in March and it is hoped the visit will
discuss further cooperation and implement ideas.
On bilateral relations, he said there is always room for
improvement while scholarship slots for short-term
courses under the India Technical and Economic
Cooperation, (ITEC), had been increased from 200 to
300.
Alam added that the increase will open more
opportunities for Nigerian government officials to
participate in such platforms to improve their skills in
various areas.
The Minister of Foreign Affairs, Mr. Geoffrey Onyeama,
in a message urged both countries to strengthen
economic relations to reduce trade imbalance.
The minister, who was represented by the ministry’s
Director of Regions, Mohammed Suleiman, said this
could be done by creating more access for Nigerian
products in Indian markets.