Nigeria, India Trade Volume Hit $14.95bn in 2022

Michael Olugbode in Abuja

The volume of trade between Nigeria and India in 2022 was $14.95 billion, the Indian High Commissioner to Nigeria, Mr. Shri Balasubramanian has revealed.

Speaking in Abuja on Thursday during the celebration of 74th Republic Day of India, the envoy disclosed that the volume of trade was in favour of Nigeria.

He noted that the business and diplomatic ties with Nigeria are still very strong as there are so many Indian business operating in the country and there are patronages for Nigerian goods in India.

The envoy said, “there has been improvement in importation of India pharmaceutical product into Nigeria. And there are efforts to improve trading and other ties between the two nations.’

He however said that improving the volume of trade depend on demand and supply on both sides, noting that it is a commercial thing and left for businessmen from both sides to handle.

He said bottlenecks in businesses between the two counties are being addressed especially taxation, this he said is currently being looked into.

Balasubramanian said direct flight between Nigeria and India is on course and would commenced in a matter of weeks. He said this would be actualized any moment from.

He said: “Any moment from now there would be direct flight from Nigeria to Bombay,” noting that Air Peace has already gotten in touch with the Indian High Commission to inaugurate the flight.