EAM Jaishankar addresses Nigeria-India Business Council in Abuja, hails trade ties between nations

Abuja [Nigeria], January 23 : Hailing the trade ties between India and Nigeria, External Affairs Minister S Jaishankar said that the relationship between the two nations today is of about USD 13-15 billion worth of trade annually.
He added that in this trade partnership, India has committed USD 27-30 billion of investment, making Nigeria a premier economic partner in Africa.
Addressing the Nigeria-India Business Council (NIBC) in Abuja, Jaishankar said, "There are different ways of describing this relationship. But to a business audience and to a policy audience, it is the relationship today of about 13 to 15 billion dollars worth of trade annually, where India has committed somewhere between 27 to 30 billion dollars of investment, where Nigeria is our premier economic partner in Africa."
Speaking on the flourishing trade between the countries, the EAM underlined that India, today provides the basis for a more serious interaction.
"I was reminding some folks yesterday, that India's exports in the year that has just been completed was 766 billion dollars. And I'd surely like, and I'm sure you would surely like, a larger part of that share to come to Nigeria. Because today we are a 4 trillion dollar economy, an economy with a range of capabilities and technologies and experiences and practices, which we perhaps did not have in earlier years, and which really today provide the basis for a more serious interaction," the EAM went on to say.
He also underlined that Banking, insurance, credit guarantees, flight connections, trade settlements, are some of the challenges that should be put on the table, and approached honestly.
"I think our primary responsibility is to improve the enabling environment, to look at the kind of problems that I've been hearing about in the last two days. Banking, insurance, credit guarantees, flight connections, trade settlements. I think these are challenges today that we should put on the table, approach it very honestly, and look to find constructive, practical solutions," Jaishankar said.
"I'm also very pleased today to see my ministerial colleagues from the Nigerian government, because yesterday I had the honour to meet the Minister for the Blue Economy. And I mention this because, in many ways, if we are to give this relationship more weight, substance and practicality, we should get beyond the world of protocol and diplomacy. Not to look at it in a very narrow sense, but really to get down to business and look at different parts of our economy and of our government and of our policy making and see, where is it that we can build the connect," he said.
"So, even though I'm a Foreign Minister, I urge all of you to really look beyond the foreign policy establishment to build the linkages that will really take our relationship to a new level," the EAM added.
EAM Jaishankar, who was on a visit to Nigeria from January 21-23, concluded his diplomatic trip today.
"Concluded my Nigeria visit with an address to the Nigeria-India Business Council (NIBC) today. Investment and trade are at the heart of our partnership," he wrote on X, as he addressed the NIBC Council in Abuja.
"Recognise contribution of those driving it and seeking to take our ties to a higher level. Appreciate the presence of the Ministers of Trade, Budget & Economic Planning, Blue Economy and Steel Development of Nigeria and the Governor of Nasarawa," he said.
https://x.com/DrSJaishankar/status/1749764074215264693?s=20

Notably, India and Nigeria have traditionally enjoyed close and friendly relations.
This was EAM's first visit to Nigeria, which will further consolidate bilateral relations between the two countries.
He also visited the Indian High Commission in Abuja on Monday. There, he unveiled a bust of Mahatma Gandhi and planted a sapling on the premises of the High Commission.
Prior to this, he also led the Indian delegation at the 19th Summit of the Non-Aligned Movement (NAM), to be held in Kampala, Uganda. He also met several foreign leaders and UN Secretary General Antonio Guterres on the sidelines of the summit.