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Need for early conclusion of investment promotion issue with Nigeria: Anand Sharma

Sify | 2011-03-16

Need for early conclusion of investment promotion issue with Nigeria: Anand Sharma

Union Commerce Minister Anand Sharma today expressed for an early conclusion of Bilateral Investment Promotion and Protection Agreement (BIPPA) with Nigeria.

During the bilateral meeting with Henry Odien Ajumogobia, Minister of Foreign Affairs of Federal Republic of Nigeria here, Shrama said: "The complementarities of Nigerian and Indian economies needs to be harnessed for more extensive bilateral engagement."

He informed the Nigerian Minister about the many Indian companies’ investments in Nigeria and added that some more Indian companies are keenly interested in areas such as power and petroleum.

Sharma expressed satisfaction over the growing trade and investment between the both countries.

He said that there has been growth of bilateral trade by 61.65 per cent in 2010 as compared to 2009.

He further said that the total Indian investment in Nigeria during 2010 is estimated to be around five billion dollars and total FDI from Nigeria during April 2000 to December 2010 is 6.49 million dollars.

There are over 100 Indian companies present in Nigeria mainly in telecom, hydrocarbons, textiles, chemicals, electrical equipment, pharmaceuticals, plastics, IT and autos sectors. Indian automobile companies have significant presence in Nigeria.

Major Items of export are: machinery and instruments, drugs, pharma and fine chemicals, transport equipments, electronic goods, manufactures of metals and major items of import are: petroleum, crude and products, non-ferrous metals, wood and wood products and cashew nuts. (ANI)

 source: Sify