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 Posted: Mon Feb 04, 2008 10:03 am Post subject: Indo-Nigeria Trade Volume Hits $8b |
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Indo-Nigeria Trade Volume Hits $8b
This Day
Damilola Oyedele
27th Jan. 2008
The bilateral trade relationship between Nigeria and India has reached $8billion dollars lending credence to the fact that Nigeria is India's biggest trading partner in Africa; with the Indian government showing interest in an enduring trade relationship with Nigeria especially the non-oil sector.
The Indian High Commissioner to Nigeria, Mr Hara H. Viswanathan, said this at a press conference to commemorate the 59th Republic day of India in Abuja yesterday, adding that a Memorandum of Understanding (MOU) signed by the two countries in October 2007, has provided a $100 million line of credit from India to Nigeria for the development of the Small and Medium Scale Businesses and the agricultural sector of the country.
"The Abuja Declaration includes some other agreements that have to be finalised as soon as possible which would create tax waivers for business men between the two countries. There is also an already existing line of credit of $200m to NEPAD for all the member states and $250 million to all ECOWAS countries", he added.
Viswanathan added that his country is positive about Nigeria's potentials especially with the strengthening of democratic institutions, as the government has taken a lot of initiatives to better the lives of its people.
As a measure to check the spate of fake drugs being shipped into Nigeria from India, the High Commissioner gave the assurance that his country is carrying out pre-shipment checks to ensure that Nigerian bound drugs are NAFDAC certified and carry the labels. He however said that this menace is not peculiar to Nigeria and India alone as some of the drugs which carry the 'Made in India' label are not even manufactured in his country.
Copyright © 2008 This Day
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May we be strengthened with the ability, willingness and capabilities to be good ambassadors of Nigeria contributing to its uplifting, rather than its detriment. - Cxsm |
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