NICCI, FICCI Signs MoU to Boost Nigeria, India Trade

Gilbert Ekugbe

The Nigerian Indian Chamber of Commerce and Industry (NICCI) and the Federation of Indian Chamber of Commerce and Industry (FICCI) have signed a Memorandum of Understanding (MoU) to boost the trade volume between Nigeria and India.

At the signing ceremony, which was conducted virtually by the leadership of both parties reaffirmed their commitments to fostering economic relationships between both countries to increase the current volume of trade estimated at $15 billion.

The Chairman, NICCI, Dr. Uduimo Itsueli, said the move is aimed towards a significant deepening of trade relationship between Nigeria and India, pointing out that as apex business advocacy institutions, they are both suitably positioned and resolved to deepen existing commitments, encourage the exchange of opportunities between its members, contribute to national prosperity and cooperation.

He added that the signing is against the background of a notable string of events and high-level government visitations on both sides, which are indicative of the growth trajectory of Nigeria-India relations.

He added, “By today’s signing ceremony, both organisations affirm the already established and immense future potentials of the extensive commercial relationship between India and Nigeria. Bilateral trade flows between both countries are estimated at $15 billion.”

According to him, NICCI provides a platform for Nigerian and Indian business organisations to identify and discuss issues of common economic and commercial interest among members and other stakeholders.

He said the Chamber’s principle objective is to promote activities to encourage and stimulate investment by Indian companies in Nigeria, adding that NICCI’s activities are geared towards fostering a conducive environment for business engagement, investments and promoting trade facilitation.