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India, Nigeria look to early deal on local currency settlement system
The Business Guardian
|May 06, 2024
India and Nigeria have decided to finalise local currency settlement system agreement soon and have identified several areas of focus for economic cooperation that includes digital economy and digital public infrastructure, crude oil and natural gas, and pharmaceuticals. The decisions follow the 2nd session of India-Nigeria Joint Trade Committee held in Abuja on Thursday.
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Nigeria is the 2nd largest trading partner of India in the Africa region. Bilateral trade between India and Nigeria stood at USD 11.8 billion in 2022-23. In the year 2023-24, the bilateral trade stands at 7.89 billion showing a declining trend. With a total investment of USD 27 billion, approximately 135 Indian companies are actively engaged in Nigeria’s vibrant market. These investments traverse diverse sectors, encompassing in frastructure, manufacturing, consumer goods and services.
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