Mon Nov 18 00:28:52 UTC 2024: ## Modi’s Nigeria Visit Aims to Boost Bilateral Trade and Investment
**Abuja, Nigeria** – Prime Minister Narendra Modi arrived in Nigeria on the first leg of a three-day visit, marking the first trip by an Indian Prime Minister to the West African nation in 17 years. While bilateral trade between India and Nigeria has recently declined from $15 billion in 2021-22 to $7.89 billion in 2022-23, India remains Nigeria’s largest trading partner, and Nigeria is India’s largest trading partner in Africa. This visit aims to revitalize this crucial relationship.
The Prime Minister’s visit is expected to open doors for Indian companies in key Nigerian sectors, including mining, infrastructure, and defense. India’s significant investments in Nigeria’s infrastructure, manufacturing, consumer goods, and services sectors, totaling over $27 billion from 135 Indian companies, already highlight the potential for growth.
India primarily exports refined petroleum, pharmaceuticals, motorcycles, machinery, transport equipment, electronics, and metal manufactures to Nigeria. In return, India imports petroleum and petroleum products. Despite the recent dip in trade volume, the Indian government is optimistic that PM Modi’s visit will pave the way for increased bilateral trade and investment, strengthening the economic ties between the two nations. The visit underscores India’s strategic focus on strengthening relationships with key African nations for mutual economic benefit.
First Piper 