Nigeria and India will soon finalise a system of settling international trade payments between both countries in local currencies.This was disclosed after the second annual Joint Trade Committee (JTI) meeting between the Permanent Secretary of Nigeria’s Ministry of Industry, Trade and Investment and Indian delegation led by Additional Secretary, Department of Commerce, Amardeep Singh Bhatia.
A statement from the Indian Ministry of Commerce said the meeting was about shared interest between both countries, especially bilateral trade and the inherent growth potential.
He said that both countries discussed increasing collaboration in sectors such as crude oil, natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement systems, and the power sector.
The statement reads: “Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include resolving market access issues on both sides, and cooperation in key sectors such as crude oil and natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement system, power sector and renewable energy, agriculture & food processing, education, transport, railway, aviation, MSMEs, development etc.
“Both sides agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties,” it stated. India is one of Nigeria’s biggest trade partners and according to the National Bureau of Statistic (NBS) foreign trade report for 2023. Trade between both countries reached N5.88 trn in 2023 making her Nigeria’s third largest trade partner for the year.
With a total investment of $27b, about 135 Indian companies are actively engaged in Nigeria. These investments traverse diverse sectors, encompassing infrastructure, manufacturing, consumer goods and services.
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Nigeria, India plan local currency trade settlement system
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