India, Nigeria to Boost Cooperation in Energy, UPI, Local Currency

By siliconindia  |  Friday, 03 May 2024, 02:12:51 PM IST

India, Nigeria to Boost Cooperation in Energy, UPI, Local Currency
India and Nigeria are set to boost their economic ties by focusing on key areas such as crude oil, natural gas, pharmaceuticals, the Unified Payments Interface (UPI), local currency settlement systems, and the power sector. A recent visit from a seven-member Indian delegation, led by Additional Secretary, Department of Commerce Amardeep Singh Bhatia, discussed these potential areas of collaboration with their Nigerian counterparts.
The Indian delegation included officials from the Reserve Bank of India (RBI), EXIM Bank of India, and the National Payments Corporation of India (NPCI). Both nations aim to enhance bilateral trade and mutually beneficial investments by resolving market access issues and fostering cooperation in critical sectors such as renewable energy, agriculture, food processing, education, transport, and MSMEs.
The two sides agreed to conclude a Local Currency Settlement System Agreement promptly, which will further strengthen their economic relationship. Nigeria is India's second-largest trading partner in the African region, but bilateral trade has seen a decline from USD 11.8 billion in 2022-23 to USD 7.89 billion in 2023-24.
Indian investments in Nigeria amount to USD 27 billion across various sectors such as infrastructure, manufacturing, and consumer goods and services. Around 135 Indian companies are actively engaged in these areas. This collaboration underscores the strategic partnership between India and Nigeria and their shared commitment to fostering economic growth and development.

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