Indo-Nigerian trade opportunities

Bilateral trade relations between India and Nigeria reached US$8 billion during 2007-08

Anand Choudhary | 08 Apr, 2008
India and Nigeria share a warm and cordial relation having a mutual respect and understanding for each other. With a population of about 125 million, Nigeria is the largest trading partner of India in the African continent. Bilateral trade relations between India and Nigeria reached US$8 billion as Nigeria remains India's largest trading partner in Africa.

Today, I have with me Mr. Jonathan, Trade officer in the Nigerian embassy in India.

Excerpts of the interview...

What are the goods and commodities that Nigeria exports to India?
Jonathan: Nigeria mainly exports crude oil, metals, iron and steel, nuts, wood and woodcrafts among others to India.

What are the products that Nigeria imports from India?
Jonathan: Mainly pharmaceuticals, machinaries, mechanical products, electrical appliances, rice, cereals, automobiles, iron and steel, plastic products among others.

How does Nigeria view India as a trading partner?
Jonathan: Well, we share a very warm and cordial relationship and have a lot of mutual respect for each other. Besides Nigeria is the largest trading partner of India in Africa.

How much is the current bilateral trade between India and Nigeria? I mean what's the current bilateral trade figure? If you can give me some figures.
Jonathan: Well, the current bilateral trade has almost reached $ 8 billion between the two countries.

In your opinion which are the major areas in which Nigeria is currently looking for imports from outside?
Jonathan: Recently, there has been a tremendous increase in Indian investments in Nigeria. We would like to see it to grow in the field of Information Technology, energy, pharma, automobiles among others.

What are your expectations? I mean how do you see future of trade between India and Nigeria in the coming five years?
Jonathan: I definitely see that growing. Nigeria is already India's largest trading partner in Africa, but we need to vastly expand and diversify our trade. Our two countries can promote transfer of technologies in key areas of the knowledge economy like Information Technology and biotechnology. Small and medium industry can play a key role in this.

How is the security situation in Nigeria?
Jonathan: There has been stray incidents of violence, but by and large we are committed to the security of foreign investments in Nigeria. Beside we are a democracy and you know that in a democracy you have to listen to all before you do anything major.

What do you mean by that....can you be more precise please?
Jonathan: I mean that we are a country of several languages, histories, and religions all rubbing shoulder to shoulder in this colourful republic. So, we have to take all that into consideration before we initiate some major change in our law-and-order situation, but the good part is that even our people understand that harming foreigners brings disrepute to their country. So, by and large they do not commit crime against foreigners.

So you believe that the trade is headed Northwards between the two nations?
Jonathan: Yes, the figures speak for themselves.

SME Times: Thank You, Sir. It was a pleasure to have you on ''Face to face''.

India-Nigeria trade figures:

S.No.		2002-2003	2003-2004	2004-2005	2005-2006	2006-2007
1.	EXPORT	217,334.30	259,851.06	289,662.53	386,964.69	408,822.28
2.	%Growth		19.56	11.47	33.59	5.65
3.	India's Total Export	25,513,728.00	29,336,674.00	37,533,952.00	45,641,788.00	57,177,928.00
4.	%Growth		14.98	27.94	21.60	25.28
5.	%Share	0.85	0.89	0.77	0.85	0.72
6.	IMPORT	37,810.11	34,758.53	21,746.00	32,081.93	3,179,652.00
7.	%Growth		-8.07	-37.44	47.53	9,811.04
8.	India's Total Import	29,720,586.00	35,910,764.00	50,106,456.00	66,040,888.00	84,050,632.00
9.	%Growth		20.83	39.53	31.80	27.27
10.	%Share	0.13	0.10	0.04	0.05	3.78
11.	TOTAL TRADE	255,144.41	294,609.59	311,408.53	419,046.62	3,588,474.28
12.	%Growth		15.47	5.70	34.56	756.34
13.	India's Total Trade	55,234,314.00	65,247,438.00	87,640,408.00	111,682,676.00	141,228,560.00
14.	%Growth		18.13	34.32	27.43	26.46
15.	%Share	0.46	0.45	0.36	0.38	2.54
16.	TRADE BALANCE	179,524.18	225,092.53	267,916.53	354,882.76
17.	India's Trade Balance	-4,206,858.00	-6,574,090.00	-12,572,504.00	-20,399,100.00	-26,872,704.00

Note: (Figures provided by DGFT) The country's total imports since 2000-2001 does not include import of Petroleum Products (27100093) and Crude Oil (27090000)