Nigeria-India Trade Volume Rose By $8bn in 2024, Envoy Reveals
Oluchi Chibuzor and Esther Oluku
With Nigeria-India trade volume increasing by $8 billion in 2024, the Acting High Commissioner of India to Nigeria, Vartika Rawat, has called for a more streamlined regulatory process in Nigeria to deepen business and improve trade relations between both countries.
Rawat, disclosed this yesterday at the opening ceremony of ongoing India Trade Expo 2025 in Lagos.
According to her, the strategic position of Nigeria on the African continent and the existing relationship between India and Nigeria holds enormous potential.
This she said could open up new vistas in trade relations for both countries, grow indigenous businesses as well as open up new markets for both countries on the continent of Africa.
She opined that with the event, the India High Commission hopes to bring together the Indian companies for renewed engagement with the Nigerian government, chambers of businesses, and private businesses in Nigeria for shared prosperity and mutual growth.
According to her, “The presence of over 200 Indian origin companies in Nigeria itself speaks for the opportunities that are available.
“I thank Nigeria for extending the hospitality to Indian expatriates who have made Nigeria their home. The success stories of Indian entrepreneurs are the success of Nigeria.
“The strategic position of Nigeria on the African continent and the existing relationship between India and Nigeria hold enormous potential.
“This can open up new vistas in trade relations for both countries, grow indigenous businesses as well as open up new markets for both countries on the continent of Africa.”
She highlighted the need for stronger collaboration stating that the expo underscores the need to open new vistas in trade and economic relations between both countries.
Speaking on the need for a more harmonious regulatory environment, she stressed the need for a single window clearance system that would allow small businesses to better understand the regulatory requirements of the country.
According to her, “Indian companies, with their sheer number and the presence, are the second largest employers of Nigerians in Nigeria, after the federal government.
“The Indian companies have a lot of confidence and see a lot of potential in Nigeria, the Nigerian market, and people. So once you make an enabling environment for a business, they will flourish themselves and so we need to create that.
“When you have several agencies not clearly outlining the kind of regulations that are there in a country for a company to come into a particular sector, I think that is what we are looking at.
“We should work on a single window clearance system so that if I am an investor or a small startup, you know, it should not be a big burden on me. Because compliance and regulatory burden is something that is a big deterrent for small companies and this is how we can create an enabling environment, especially for the micro, small and medium enterprises.
“The big companies will anyway fare well; they know their ways and means. But especially for the smaller companies, it’s good that the government creates a single window system, clearance system, where they know what to do, what are the different licenses they need to take, and what are the clearances they need to take. And that is what I was talking about earlier.”
On his part, the Lagos State Governor, Mr. Babajide Sanwo-Olu, stated that his administration was keen on strengthening the existing partnership between Nigeria and India.
Sanwo-Olu who was represented by the Permanent Secretary of the State Ministry of Commerce, Cooperatives, Trade and Investment, Olugbemiga Aina, encouraged Indian businesses to engage the immense potential that Lagos offers across various sectors.
According to him, “Lagos, as Nigeria’s economic nerve center, has long been a hub for international trade and commerce.
“Our city is home to a vibrant business community that has benefited immensely from partnerships with India across various sectors, including manufacturing, pharmaceuticals, information technology, and infrastructure development.
“The India Trade Expo has served as a catalyst for these collaborations, providing a space where Indian and Nigerian businesses can connect, share innovations, and explore opportunities for mutual growth.
“Our government remains committed to fostering an enabling environment that supports investors and entrepreneurs by improving infrastructure, business-friendly policies and enhancing digital transformation, we continue to make Lagos an attractive destination for foreign direct investment.
“We recognise India’s role in supporting these efforts, particularly in technology transfer, industrial development, and healthcare advancements, which have significantly contributed to our economic landscape.”
Commenting on the significance of the event to the trade relations between India and Nigeria, the President, Indian Professionals Forum, Mr. Pradeep Pahalwani, stated that the expo presents an opportunity for both countries to be open-minded to trade.
