India Seeks Streamlined Regulatory Processes to Deepen India-Nigeria Business Relations

Esther Oluku 

The Acting High Commissioner of India to Nigeria, Vartika Rawat, has called for a more streamlined business regulatory process in Nigeria to make for improved trade relationship between both countries.

Rawat made this submission during a panel session held at the opening ceremony of the maiden edition of the India Trade Expo which held in Lagos.

According to her, the strategic position of Nigeria on the African continent and the existing relationship between India and Nigeria hold enormous potential to open up new vistas in trade relations for both countries, grow indigenous businesses and 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 origin companies for renewed engagement with the Nigerian government, chambers of businesses, and private businesses in Nigeria for shared prosperity and mutual growth. 

In her opening remarks, she said: “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 over 50,000 Indian expatriates who have made Nigeria their home. The success stories of Indian entrepreneurs is the success of Nigeria.”

She highlighted the need for stronger collaboration stating that the expo underscores the need to open new vistas in trade and economic relationship between both countries. 

Speaking on the need for a more harmonious regulatory environment, she said: “It is important to have those small businesses and entrepreneurs, the startups, to be able to build and Nigeria as a country with a very young and very entrepreneurial population, it is very important, therefore, to streamline and have seamless regulatory processes so that companies can come, register and a single window system can be made.”

“Digital solutions can be put into place that could also enable small and micro enterprises which have less capital to infused, to come up and utilize the opportunities and the potentials that are there in the markets,” she said.

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 the “Indian government to be more open minded and for the Nigerian government to look at the bigger picture” of bilateral trade and business for both countries.

On his part, the Lagos State Governor, Mr. Babajide Sanwo-Olu, stated that his administration is 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. 

Speaking, the Director General, Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, stated that while partnerships are essential to success, there exists an urgent need to improve the volume of trade between both countries.

He said: “The potential for synergy between our industries is immense, and I am confident that together we can unlock new markets, create jobs, and drive economic development. We must be ready to change the trajectory of the bilateral trade volume between our two countries, which has declined from $14.95 billion in 2022 to $7.89 billion in 2024.”