The Nigeria’s Vice President, Prof Yemi Osinbajo inaugurated the Council.The council is aimed at furthering efforts at reaching an anticipated 40 billion dollars worth of trade between both countries.Mr V. Sharma, President of NIBC at the inauguration said, “India is already doing great business with this country and will continue to import crude and gas from the country.
“With 14 to 15 billion dollars of trade today, the potential is to reach about 40 billion dollars.
“So please see, the gap is about 25 to 26 billion dollars. It is a big opportunity. ”
The VP, ably represented by Minister of Mines and Steel Development, Mr Olamilekan Adegbite, said, “NIBC will be a vehicle to further strengthen and consolidate our existing bond of friendship and also serve as a platform to coordinate and facilitate business actions between the business community of both countries.
“I feel that there is also a need to put emphasis on skills acquisition and capacity building which will place large numbers of young people in the workplace.
‘As well as boost the nation’s capacity, innovation and capacity as well as contribute to the economy.
“I also urge India investors to consider providing here in Nigeria some of the medical and educational services for which Nigerians travel to India.
“Given the scale of the demand, it is easy to say that there is a business sphere for such an investment.
“On its part, the federal government will render the necessary support to all inward investment, continue its efforts to improve the business environment and provide necessary incentives.
“Some of the incentives include pioneer starters, rural location incentives, export expansion scheme, gas utilisation as well as investment allowances,” the VP added.
India’s Minister of State of External Affairs, Shri V. Muraleedharan added his voice by “Bilateral trade between both countries in the year 2021-22 had risen substantially over the previous year to touch 14.95 billion dollars.
“The large and growing population of Nigeria, its talented youth, the abundance of natural resources, a democratic and business-friendly Government and very strong cultural bonds between our peoples have all fuelled the rising economic engagement between both countries.
“But there is still great potential to enhance our economic cooperation and, with the pandemic behind us, both countries must look to vigorously make up for opportunities lost during the last two years.
“India has always been a very reliable partner for its friends in Africa and is committed to the socio-economic development of Africa in accordance with its own development priorities.
“Your priorities are our guiding principles for economic cooperation and our assistance in this area has always been kept in the best interest of your country.
“Today, the multi-sectoral, high-level business delegation from India present here is ready to collaborate in different sectors,” Muraleedharan concluded.
The Nigeria’s High Commissioner to India, Ambassador Ahmed, was very enthusiastic about the opportunity, the attendance and willingness of both countries to expand their trades and investment opportunities. He thanked the Federal government for making the summit feasible, accommodating and showing willingness to achieve highest standards.
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