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Nigeria to collaborate with India to strengthen economy

by Business News Report

Abuja Chamber of Commerce, Industry, Mines and Agriculture (ABUCCIMA) President Mr Dele Oye has said that India`s economy was the best for Nigeria to partner with.
Oye said this during a meeting between the delegation from Nigeria and the Federation of India Chamber of Commerce and Industry (FICCI), at the ongoing India trade fair. “ Considering the growth of the Indian economy, Nigeria believes that India is the best partner to trade with in all the sub sectors. This is the best time for the two countries to work together in the development of the economy.’’
He said India was the second largest Nigeria trading partner with the volume of about 13 billion dollars. In 2010, according to the Indian financial year report, India has the largest investors in Nigeria.The ABUCCIMA president used the forum to call on more investors from India and other parts of the world to invest in Nigeria. He said there were many untapped resources, raw materials for investors of all kind like agriculture, power, education and solid materials.

Oye assured interested investors of safety of their lives and investments and presence of large markets for the products. Earlier, Mr Mahesh Sachdev, India High Commissioner to Nigeria, said the Indian companies in Nigeria were the second largest employers of labour. Sachdev said their investments in Nigeria which started in education, textiles and trade, had expanded to industrial technology, telecom and pharmaceuticals. He, however, recalled that the percentage of businesses from Indian to Nigeria was more than the businesses from Nigeria to India. Sachdev explained that Nigerians patronised less Indian goods compared to what the Indians were consuming from Nigeria.

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