Nigeria is actively seeking significant partnerships with Indian businesses to expand its investments within the country, particularly during a period of rapid economic growth. This announcement was made by a panel of Nigerian Cabinet ministers at an event organised by the Confederation of Indian Industry (CII).
During the event, key ministers from various sectors such as foreign affairs, finance, commerce, telecommunications (telecom), and more, emphasised the diversification of Africa’s largest market, Nigeria.
The High Commission of India in Nigeria reported that over 135 Indian-owned and operated companies rank as the second-largest employers in Nigeria, following the federal government.
Nigerian Finance Minister Wale Edun highlighted various government initiatives, including the consolidation of multiple foreign exchange windows into a single foreign exchange market. Additionally, the government has taken decisive steps to combat corruption and enhance the country’s financial stability, including the removal of a subsidy that previously accounted for 2% of the gross domestic product (GDP).
Nigerian Foreign Affairs Minister Yusuf Maitama Tuggar encouraged medium-sized Indian family businesses to explore opportunities in the Nigerian market, emphasising the reduction in political and financial risks. He also pointed out Nigeria’s track record of successful elections and power transitions since 1999.
“We have held seven successive successful elections since 1999, with seamless power transitions between individuals and political parties.
In cases where a President passed away in office, the Vice President won the subsequent election and later lost another,” he emphasised.
On the financial front, he highlighted the presence of various sectoral funds designed to incentivise investment, such as the Nigerian Midstream-Downstream Gas Development Fund.
Nigerian Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, announced that Nigerian carrier Air Peace has initiated a direct flight from Lagos to Mumbai, establishing India as the sole Asian country with a direct flight connection to Nigeria.
President Bola Ahmed Adekunle Tinubu of Nigeria, the first foreign leader to arrive in Delhi for the Group of Twenty Summit, held a roundtable discussion with Indian industrialists organised by CII to discuss government policies and the incentives provided by the Nigerian government to potential investors.
Nigeria’s High Commissioner to India, Ahmed Sule, confirmed that the country, with its population of 220 million, is simplifying business regulations.
Indian companies have invested approximately $19.3 billion in Nigeria, with active involvement in pharmaceuticals, telecom, power and transmission, manufacturing, consumer goods retail, construction, and air services.
Bilateral trade reached $11.8 billion in 2022-23, down from $14.9 billion in the previous year, primarily due to reduced crude oil imports from Nigeria.