Bilateral trade between India and Nigeria between 2013 and 2014 increased by 2.5 per cent to $16.98 billion, mainly due to large crude oil import by India, Business Standard quoted the Indian high commission to have said in a statement.
According to the high commission, “India’s exports to Nigeria had grown gradually during the last few years from $1.08 billion in 2007-2008 to $2.66 billion in 2013-2014”.
“During 2013-2014, our imports, mainly consisting of petroleum and crude products, stood at $14.31 billion as against $13.82 billion registered in 2012-2013,” he said.
The statement added: “India’s rice exports to Nigeria declined from $339 million in 2012-2013 to $78 million in 2013-2014 due to steep increase in import duty coupled with enhanced local production of rice.”
It said Nigeria has become one of the main sources of crude for India importing around eight per cent to 12 per cent of its crude requirements.
The Exim Bank of India was also financing power projects in three states in Nigeria at a cost of $100 million, the high commission report said, adding that the amount was “marked for three power projects in the states of Enugu at a cost of $40 million, Cross Rivers $30 million, and Kaduna $30 million.”
It added, “Nigeria is India’s largest trading partner in Africa and India is the largest trading partner of Nigeria globally.”
Indian owned companies employ largest number of employees in Nigeria after the federal government of Nigeria.