India has become Nigeria’s second largest trading partners as trade between the two countries grew by 17 per cent in the last year to reach $10.22 billion.
Despite decline in oil prices, global economic meltdown and India’s ban on rice exports, over the past two years, the growth in Nigeria-India trade accelerated from 9.8 per cent to 17.5 per cent, he noted.
Imports from Nigeria to India increased by 14.1 per cent to $8.7 billion, while Indian exports to Nigeria shot up by 41 per cent to $1.53 billion, for the financial year that ended on March 2009.
“Despite stellar performance of Indian exports, the trade surplus enjoyed by Nigeria rose 9.7 per cent to over $7.1 billion. It is first time ever that bilateral trade has crossed $10-billion mark,” said Mr Mahesh Sachdev, Indian High Commissioner to Nigeria
The High Commissioner also noted that this increase shows that the bilateral trade is largely based on mutual consumer preferences that render it notably immune to global factors.
“Crude oil was the biggest component of Nigeria exports to India while Indian exports were more varied with machinery, medicines, electronics and transport vehicles constituting the first four categories,” he said.