The Guardian Nigeria News - Nigeria and World News guardian.ng 16 Jul, 2021 03:30 am

Trade ties between India, Nigeria, others below potential, says Adebayo

Trade ties between India, Nigeria, others below potential, says Adebayo
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, yesterday, lamented that African countries have not realised

In his address at the 16th CII-EXIM Bank Conclave on India and Africa Project Partnership with the theme: “Harnessing the Africa-India Opportunity: Connect, Create, Collaborate”, the Minister said despite the fact that India is Africa’s third-largest trading partner, African countries predominantly export raw crude oil and other extractive resources to the Asian country.He said: “As you may be aware, India is now Africa’s third-largest trading partner.” He listed the main export destinations for India in Africa to include South Africa, Kenya, Egypt, Nigeria, Tanzania, Mauritius, Mozambique, Algeria, Ghana, and Ethiopia.In this regard, it is important for India and Africa to undertake joint actions in order to promote synergies and coordination among the different sectors of the Economy,” he added.

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, yesterday, lamented that African countries have not realised their true potential in bilateral trade with India.Yet the bilateral trade data and patterns suggest the true potentials have not yet been realised as African countries predominantly export raw crude oil and other extractive resources to India.

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