Nigeria-India Trade Value Hits $12bn.

Foreign Minister Odien Ajumogobia said the value of trade between Nigeria and India is now $12 billion, with the two countries seeking to grow the value.

He disclosed this Tuesday in his office during a visit by the Indian envoy in Nigeria.

The minister said, "Nigeria relationship with India is good and is improving because it is the second largest trading partner of Nigeria and their economy is a shining one which developing countries can learn from.

"I believe we have a lot of lessons to learn from India with trade volume of $12 billion and still believe we can improve because the dominant part of the trade is in oil because Nigeria has much more than oil and hope that by working together. we could attain that"

On the air service bilateral agreement between the two countries, the minister said it takes longer time to get to India from Nigeria explaining that "we have to go through third countries because there is no direct flight for business people to move freely between the countries."

He further stated that Nigeria, during his visit to India, signed an agreement with ministry responsible for pharmaceuticals to ensure the quality of drugs been imported to Nigeria and also hoped to sign the Bilateral Air Services Agreement (BASA) and the double tax treaties, investment and promotion agreements which have already been drafted and hoped it will also be signed into agreement in the next few month.

Ajumogobia explained that there are legal frame work underway to protect investment and ensure that Indian business men invest in Nigeria and to handle the issue of double taxation which he hoped will be solved before their next meeting in 2012.

He assured the envoy of becoming the largest economy in the world by the year 2020 saying it has much more than oil aas it is also grarian economy adding that the vision can be achieved by developing manufacturing industries and services which, he believed collaborating with India will help in achieving the targets.

Earlier, the Indian High Commissioner to Nigeria, Mr Mahesh Sachdev had explained that the purpose of the visit is to deliver certain official messages with regards to Indian African forum summit scheduled to take place this year at Addis Ababa and as an off shot of the trust they have in the ministry by presenting journalists from India to the country and the continent to familiarize them with the countries and to focus on the development there with a view to creating greater awareness.

Source : allafrica.com