Nigeria’s Bilateral Trade Volume With India Hits $17bn

January 5, 2015 Niyi Aderibigbe Economic Development & Policies, Investing

VENTURES AFRICA – Goods worth $17 billion was traded between India and Nigeria, Africa’s largest economy, from April 2013 to March 2014, according to Kaisar Alam, India’s Acting High Commissioner to Nigeria.

“India imported $14 billion worth of goods from Nigeria from April 2013 to March 2014, including $12 billion worth of crude oil,’’ he said in Abuja, Nigeria’s capital city, on Sunday. He explained that Nigeria also imported goods worth $3 billion during the 11 month period.

Following the United States’ reduction of crude imports from Nigeria, India has become the largest importer of the country’s crude. Alam says that India is also currently Nigeria’s largest trading partner.

He told the News Agency of Nigeria (NAN) that several Indian businesses have made substantial investments in the country.

Trade between Nigeria and India has

increased significantly since Nigeria returned to democratic rule in 1999. It increased from $293.71 million in 1999 to $875 million in 2006. Between April and September 2006, exports to India accounted for $3.9 billion.

“Nigeria is a very important country to India,” Alam says. He expressed hope that bilateral relations between Nigeria and India would improve significantly in the current year