•as Indian investors pledges $14 billion worth of investment into Nigerian economy
By Joy Baba-Yesufu Yesufu
The Federal Government has initiated a move to deepen bilateral relations with the Indian government for the mutual benefits of both countries as Indians investors pledged an impressive total of almost $14 billion worth of investment into Nigeria’s economy.
The Minister of Industry Trade and investment, Doris Uzoka-Anite disclosed this while delivering the keynote address at the Nigeria-India Business forum held in Abuja recently.
The Forum was put together by Nigeria–India Business Council in collaboration with Nigeria Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA) with the term “expanding the trade and investment between Nigeria and India”
According to the Minister, “During my visit to India I had the pleasure of meeting with India’s Minister of Commerce & Industry, Shri Piyush Goyal, we discussed the need to fast-track the signing of outstanding agreement between Nigeria and India including the Investment Promotion and Protection Agreement (IPPA), and a Trade and Economic Cooperation Agreement.
“This is being expedited and we are working to ensure this is concluded as soon as mutually beneficial terms are agreed upon. The agreements being negotiated are important as they address issues such as double taxation and ensure smooth business operations between the two nations and promote mutual growth and development”.
Speaking further the Minister added that “during my time in India, I met with several pharmaceutical companies, many of whom were interested in coming into the market or expanding already existing operation’s. Since our visit, one of these companies is in the process of setting up a new $10m plant in Ota, Ogun state. They currently sell approximately 100 pharmaceutical products in Nigeria and approximately 50% are imported.
“This plant is the first step in making sure their products are 100% locally produced. This is the kind of development we want to see more of and we urge other Indian manufacturers to also support our backward integration drive in this way”.
The Minister noted that the Country has updated its bilateral investment agreements and invested significantly in infrastructure development across road, and aviation sectors, our ministry has developed the first-ever Nigerian Investment Policy document (2023-2027) to encourage responsible ,balanced and sustainable (RIBS) investment in targeted sectors.
According to Dr. Uzoka-Anite, “we have put in place the governing structure, for the operationalization of the Nigeria National Quality Policy, which aims to create institutions, frameworks and the physical infrastructure required to ensure that Nigeria’s product meets the international standard”
Sir (Dr) Emeka Offor, President NIBC Nigeria, Mr V.R.Sharma, President, NIBC India, H.E Ambassador Yosuf .M Tuggar (ooN),Honourable Minister of Foreign Affairs Nigeria, Dr S.Jaishankar, Minister of external Affairs and head of Delegation from India were at the forum and made presentations.
