Nigeria is India’s largest trading partner in Africa, with the value of economic exchanges between both countries reaching $16.36 billion in 2014/2015, according to Vyas Deo Choudhary, head of chancery, Office of the High Commission of India.
This is even as over 30 local businesses engaged in Indian products and services in Nigeria participate at the fifth annual edition of ‘Indian Products and Services Exhibition (IPASE-V),’ which enters the second day today, in Lagos.
According to Choudhary, Nigeria supplies around 12 percent of India’s crude oil and hosts about 100 Indian firms.
“Nigeria is one of the best naturally gifted countries,” the head of chancery told BusinessDay yesterday, in an interview, on the sideline of IPASE-V. India is also very friendly for business,” he said.
He said the foreign exchange situation in Nigeria was affecting Indian firms and hoped that the situation would improve, saying, “Indians love this country and are interested in doing business in Nigeria. They do not want to leave this country.”
Players in automobiles, fans, pumps, pharmaceuticals, herbal medicines, health care products, power generation equipment, dry-lace, among others, are currently taking part at the fair, which is happening at the Indian High Commission in Lagos.
IPASE-V is part of the High Commission’s ongoing efforts to promote visibility of Indian products & services in Nigeria and encourage the concerned Nigerian stakeholders, mostly SMEs.
“All Indian and Nigerian businessmen, stake-holders and General Public are cordially invited to visit IPASE-V to acquaint themselves with Indian products and services that have enjoyed Nigerian consumers’ longstanding trust and patronage,” said the High Commission, in a statement.
