Economic, trade co-operation between Nigeria-India growing steadily

Popular Indian socialite and businessman in Lagos, Chief Sanjay Jain, has noted that economic and trade cooperation between Nigeria and India has been growing steadily over the years.He stated that India remains one of Nigeria’s top trading partners, while Nigeria is India’s largest trading partner in Africa.In an exclusive chat with our reporter, Jain explained that India’s exports to Nigeria include pharmaceuticals, automobiles, iron and steel, rice, plastics, and textiles. On the other hand, Nigeria’s exports to India are primarily crude oil, cashew nuts, sesame seeds, and liquefied natural gas (LNG).According to him, “In 2024–25, India’s exports to Nigeria stood at $2.95 billion, while imports from Nigeria were $4.19 billion, bringing total bilateral trade to $7.14 billion.”He identified key sectors of cooperation between the two countries as energy, pharmaceuticals, infrastructure, and agriculture.“In energy, India is a major buyer of Nigeria’s crude oil. In pharmaceuticals, Indian companies dominate Nigeria’s pharmaceutical market with around 50 per cent market share.“In infrastructure, Indian companies are involved in various projects in Nigeria, including power, transportation, and construction. In agriculture, Nigeria remains a significant exporter of products such as cashew nuts and sesame seeds to India,” he said.Jain further disclosed that Indian companies have invested approximately $27 billion in Nigeria, with over 200 Indian firms operating in the country.“Some prominent Indian companies in Nigeria include Bharti Airtel, Tata Group, Bajaj Auto, and Godrej Group,” he said.He added that the Indian government has extended several Lines of Credit to Nigeria to support development projects, while both countries have signed multiple agreements to promote trade and investment.Highlighting recent commitments within the framework of the G20, Jain revealed that India has pledged $14 billion in investments across sectors including energy, infrastructure, and manufacturing.He noted that Jindal Steel and Power has committed $3 billion in Nigeria’s steel sector, while Indorama Corporation has committed $8 billion towards petrochemical facility expansion in the country.Despite the strong trade relationship, Jain acknowledged existing challenges such as trade imbalance fluctuations, foreign exchange shortages in Nigeria, and security concerns.While Nigeria and India have maintained a strong, six-decade-long partnership—with India as a major trading partner and investor (over $27 billion in investments) in Nigeria, Jain revealed that several key areas remained either under-explored or have potential for deeper cooperation, particularly in transforming the relationship from a trade-centric one to a more strategic, technology-driven partnership.However, he emphasized that significant opportunities remain, particularly in renewable energy, agriculture, and manufacturing.“Nigeria and India have a strong economic and trade relationship with significant potential for growth and cooperation. Efforts to diversify trade and investment, and to address prevailing challenges, will be crucial to further strengthening bilateral ties,” he stated.