India and Nigeria are progressing towards finalizing an agreement on a local currency settlement system, a move intended to bolster the economic bonds between the two nations. This initiative unfolded during the second session of the India-Nigeria Joint Trade Committee (JTC) held in Abuja, where both countries explored various sectors ripe for collaboration. These sectors included crude oil, pharmaceuticals, renewable energy, and the development of micro, small, and medium-sized enterprises (MSMEs).
Numerous Indian companies have already established a presence in Nigeria across diverse sectors such as telecommunications, textiles, pharmaceuticals, and automobiles. The proposed agreement seeks to encourage the utilization of the Indian Rupee and the Nigerian Naira for cross-border transactions, thereby streamlining trade between the two countries. In the fiscal year 2022-23, bilateral trade between India and Nigeria amounted to US$ 11.85 billion, reflecting a substantial economic engagement that both nations aspire to further enhance.
Additionally, as part of efforts to fortify trade relations, a high-level delegation from the Indian commerce ministry embarked on visits to Australia and New Zealand. These visits aimed at bolstering trade ties in those regions, signaling India’s commitment to fostering robust economic partnerships not only with Nigeria but also with other nations around the world.
