India-Nigeria Joint Trade Committee

The 2nd Session of the India-Nigeria Joint Trade Committee was recently held in Abuja, Nigeria.

A seven-member delegation from India led by the Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, accompanied by the High Commissioner of India to the Federal Republic of Nigeria, and Economic Adviser, Department of Commerce held a Joint Trade Committee (JTC) meeting with their Nigerian counterparts in Abuja from 29.04.2024 to 30.04.2024.
The JTC was co-chaired by the Permanent Secretary, Federal Ministry of Industry Trade and Investment, Nigeria, Ambassador and Additional Secretary, Department of Commerce.
India and Nigeria agreed in 2017 to establish a Joint Trade Committee (JTC) at the level of Commerce Secretary from the Indian side and Permanent Secretary (Trade) from the Nigerian side to review the ongoing bilateral trade and commercial relations
Cooperation in key sectors discussed under the Joint Trade Committee (JTC) such as Crude oil and Natural Gas, Pharmaceuticals, Unified Payments Interface (UPI), Local Currency Settlement System, Power Sector and Renewable Energy, Agriculture & Food Processing, Education, Transport, Railway, Aviation, MSMEs, Development etc.
Official delegation from India consisted of officials from the Reserve Bank of India (RBI), EXIM Bank of India, and National Payments Corporation of India (NPCI).
A business delegation led by CII also accompanied the official delegation comprising representatives from various sectors like power, fintech, telecommunications, electrical machinery, pharmaceuticals, etc

Both countries undertook a detailed review of recent bilateral trade and investment ties developments.
Both countries identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments.
Both sides agreed to the early conclusion of the Local Currency Settlement System Agreement to further strengthen bilateral economic ties.

Nigeria is a major partner- the 2nd largest trading partner of India in the African region.
Bilateral trade between India and Nigeria stood at USD 11.8 billion in 2022-23.
In the year 2023-24, the bilateral trade stands at 7.89 billion showing a declining trend.
Indian companies have invested $27 billion in Nigeria. There are about 135 of these companies working in different areas like building projects, making goods, and providing services.