Indian Acting High Commissioner, Mr Kaiser Alam, has said that the trade volume between Nigeria and India dropped to $12 billion in 2016.

Alam said this at a reception to mark the 68th Republic Day of India in Abuja on Thursday.

The envoy explained that the trade volume dropped from $16 billion in 2015 to $12 billion in 2016 due to the fall in oil prices.

“The decrease was because of the change in oil prices; we were importing the same amount but the oil prices came down.

“Above all, our trade was the same and the trade surplus was in favour of Nigeria” he said.

He said that 2016 marked a significant year in bilateral relations, adding that both countries sought to expand relations in all areas.

“Our Vice President, Mr Hamid Ansari, came to Nigeria in September 2016 and cooperation in agriculture was discussed in great detail.

“Nigeria’s Ministry of Agriculture will visit India in March and we hope the ministry will utilise the visit to discuss cooperation further and implement ideas.

“We want a holistic approach in our relations so was we can increase our cooperation; we have a defence cooperation that is very robust.

“In bilateral relations, there is always room for improvement that is why our leaders visit to expand relations,” he said.

The envoy said that the scholarship slots for short term courses under the India Technical and Economic Cooperation had been increased from 200 to 300.

Alam added that the increase would open up more opportunities for Nigerian government officials to participate in such opportunities to improve their skills in various areas.

He recalled that India had released a Line of Credit (LoC) of $100 million dollars for power projects in Lagos, Kaduna and Enugu States.

The envoy added that this was in line with an agreement signed by both countries in 2014.

Also speaking, Minister of Foreign Affairs, Mr Geoffrey Onyeama urged the Indian Government to facilitate the process of accessing the LoC by Nigeria and also Indian companies wishing to invest in Nigeria.

Onyeama said this would hasten Nigeria’s infrastructural development and economic diversification.

The minister was represented by Mr Mohammed Suleiman, Director, Regions of the ministry.

He also urged both countries to strengthen economic relations to reduce trade imbalance.

“This can be addressed through creating the enabling environment for Nigerian products to gain access into the Indian market and encouraging Indian companies operating in Nigeria to engage Nigerians in their companies, ” he said

The minister added that India emerged the largest buyer of Nigeria’s crude oil.

He said that more than 100 Indian companies operated in the country in different sectors and there were about one million Indian citizens in Nigeria.

“There are estimated 50,000 Nigerian citizens in India, majority of who are students”, he said.

http://investorsking.com/nigeria-india-trade-falls-to-12bn-in-2016/

Buhari depends on our OIL 100% and still hate us. Yorubbers hate us too, but want us to share our God given mineral resources with them. Niger Delta avengers dey fall my hands lately. I swear

Ftc

Nobody should blame Buhari for this.







The best way to hang up on someone who won't just stop talking is to do it in the middle of YOUR OWN sentence. that way, they will never suspect that you hung up on them.

Booked

Indians are trickish

ok

onward4life:
Indians are trickish

seconded

hmmm

why?

Booked

loading

Indians and wayo. They don't do business where they won't cheat.

aloziedaya:
Ftc

Try again later....

vengertime:
Buhari depends on our OIL 100% and still hate us. Yorubbers hate us too, but want us to share our God given mineral resources with them. Niger Delta avengers dey fall my hands lately. I swear

who made it ur oyel?

rifasenate11:


seconded

Am so serious these guys know hw to use someone soul.

When dey deal with yu finish if yu reach house na so so Garlic and curry yu go dey smell even if yu baff..

Jibril659:
who made it ur oyel?

God

Indians follow kill Nigeria economy

Indians are reaping massively from the Nigerian economy. That is why they are about one million in Nigeria going by the report.

vengertime:
God

it was not your oyel before the discovery of crude in Nigeria when d country depended on groundnut produced from the d north for FX. keep crying foul

Jibril659:
it was not your oyel before the discovery of crude in Nigeria when d country depended on groundnut produced from the d north for FX. keep crying foul

then kindly go back to your groundnut and cocoa powder. We don try for una

vengertime:
then kindly go back to your groundnut and cocoa powder. We don try for una

Its One Nigeria until the oyel in ur region is completely dried up

auntysimbiat:
hmmm

Aunty sim sim,how was your night na?

MCFRESH:
MUMU!!

I inherited mumu from your dullard parents

So the worst is not yet over? Everything in Nigeria keeps dipping south. Now, instead of figiting to save Nigeria, Buhari is busy fighting for his own life. For the 180 million impoverished souls, it is now all man for himself, God for us all. BTW check my signature if you want to buy land in Owerri or its environ.

Ok

vengertime:
Buhari depends on our OIL 100% and still hate us. Yorubbers hate us too, but want us to share our God given mineral resources with them. Niger Delta avengers dey fall my hands lately. I swear

you mean the oil that is coming from your mama puzzI?

Kondomatic:
Nobody should blame Buhari for this.







The best way to hang up on someone who won't just stop talking is to do it in the middle of YOUR OWN sentence. that way, they will never suspect that you hung up on them.

hahaha! you must be a pro

Ultimate300:
you mean the oil that is coming from your mama puzzI?

Choi, see finishing.

see the leaders of tomoro commenting...Smh...some of y'all can't read to save your lives...Indian transacted the same quantity of business as always but the price of Oil already fell, are you guys expecting them to pay 120doll per barrel?...
Guys talking about India, they generate 330GW of electricity while you generate 3000W. Instead to learn and be a better country, you keep on hating and calling yourself "pride of Africa"...