The Indian government revealed that Indian companies operating in Nigeria have invested the sum of $19 billion in the past 4 decades.
This was revealed by the Indian High Commissioner to Nigeria, Shri G. Balasubramanian, in an interview with News Agency of Nigeria (NAN) on Wednesday in Abuja.
It added that the amount comes from more than 135 Indian companies operating in Nigeria during the period.
Good relations: Shri G. Balasubramanian noted that the relationship between India and Nigeria had been excellent and cited India’s plans to deepen cultural program exchanges between the two countries.
He noted that India and Nigeria could cooperate through information sharing and news networks, among other things.
- “Cultural relations, the connection between our people is really good, and with your help, I would certainly like to strengthen this bond.
$19 billion in 4 decades: He added that most of the companies operating in Nigeria are based in Lagos State raising $19 billion in 40 years.
- “There are more than 135 Indian companies that have invested around $19 billion in Nigeria over a period of years, not in one year, but in the last four decades.
- “Most of them are in Lagos, they are everywhere in Nigeria and they are in the manufacturing sector of the economy, steel, oil and gas or pharmaceuticals.
- “$3 billion of that is pharmaceuticals made in Nigeria by Indian companies; there is a strong relationship we have in pharmaceuticals and other business activities.
indian community: He also noted that Nigeria is home to 60,000 Indian citizens during the period, adding that Nigeria’s invitation as a guest participant to the G20 Summit scheduled for 2023 in India would constitute a unique opportunity to show the priority of developing countries to world.
- “Nigeria is home to some 60,000 living Indians who have literally made Nigeria their home for the last four decades.”
what you should know
Trade between Nigeria and India has strengthened over the years, resulting in a good number of Indian companies establishing their presence in Nigeria.
The bilateral trade volume between Nigeria and India reached $15 billion for the financial period 2021-2022, representing an increase of 69.80%.
Nairametrics reports that the six largest Indian companies operating in Nigeria are TATA Africa Services (Nigeria), Dana Group, Artee Group, MeCure Healthcare, Dufil Prima Foods and Chi Limited.