The trade volume between Nigeria and the Republic of India has reached $14.95 billion, accoding to the Indian High Commissioner to Nigeria, Gangadharan Balasubramanian.
The trade volume, Balasubramanian said, which was favourable to Nigeria, covered the years 2021 and 2022.
Speaking during the 74th Republic Day of India in Abuja on Thursday, the envoy further said that within the period, India purchased ten and half billion dollars worth of oil from Nigeria.
The Indian envoy added that about four and half billion dollars worth of goods, including pharmaceuticals and engineering goods, were sent to Nigeria from India.
“So, there is a lot of cooperation in the trade sector and we hope to increase that further,” Balasubramanian said.
On efforts to balance the trade between both countries, Balasubramanian noted that it was based on demand and supply from both sides.
“So, it is a commercial thing. But we are trying to look at the foundation agreements like the double taxation avoidance treaty, bilateral investment treaty to be put in place which are important for increasing trade and economic cooperation,” he said.
On the issue of direct flights between Nigeria and India, the envoy disclosed that he received information from Air Peace on Wednesday that it will begin operation very soon.
“They have all the commissions to fly to Bombay and just awaiting the date from them. The person from Air Peace had actually reached out to us to come and inaugurate it. We will be doing it very soon,” the Indian envoy stated.
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