Nigeria is looking to establish long-standing business relationships with Indian companies in order to increase its investments there, particularly at a time when the country’s economy is expanding quickly.
This statement was made on Wednesday at an occasion hosted by the Confederation of Indian Industry (CII) by a group of Nigerian Cabinet ministers.
The foreign, finance, trade, telecommunications (telecom), and other ministries stressed how quickly the continent’s biggest market is diversifying.
Over 135 Indian-owned and run businesses are thought to be Nigeria’s second-largest employers after the federal government, according to the High Commission of India in Nigeria.
Wale Edun, the finance minister for Nigeria, outlined a number of government plans, including the elimination of several, muddled, and ineffective foreign exchange windows in favour of the creation of a single foreign exchange market. The government has also taken a tough stance against corruption and cleaned up the country’s finances by eliminating a subsidy that formerly amounted for 2% of GDP.
Yusuf Maitama Tuggar, the minister of foreign affairs of Nigeria, urged medium-sized family firms in India to expand into the Nigerian market, claiming that Nigeria has successfully reduced the political and financial risks that these companies are most worried about. He also emphasised Nigeria’s good record of elections and political transitions since 1999.
India is the only Asian nation having a direct trip to the African nation, according to the Nigerian Minister of Industry, Trade, and Investment Doris Nkiruka Uzoka-Anite. Nigerian airline Air Peace has started flying from Lagos to Mumbai.
