Mon Nov 18 00:28:52 UTC 2024: ## PM Modi’s Nigeria Visit Aims to Boost Bilateral Trade and Investment
**Abuja, Nigeria** – Prime Minister Narendra Modi arrived in Nigeria on the first day of his three-day visit, marking the first visit 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. The visit aims to revitalize this relationship and unlock further economic cooperation.
The Prime Minister’s visit is expected to open doors for Indian companies in key Nigerian sectors including mining, infrastructure, and defense. India currently exports refined petroleum, pharmaceuticals, vehicles, machinery, and electronics to Nigeria, while importing petroleum products. Over 135 Indian companies have already invested more than $27 billion in Nigeria’s infrastructure, manufacturing, consumer goods, and services sectors.
Despite the recent dip in trade volume, the Indian government is optimistic that PM Modi’s visit will lead to increased trade and investment. The focus will be on strengthening partnerships and exploring new avenues for cooperation to benefit both nations. Nigeria’s strategic importance for India’s economic growth is underscored by the high level of this visit, and the considerable Indian investment already present in the country.
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