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Brief on India-Nigeria Bilateral Economic & Commercial Relations


India and Nigeria enjoy warm, friendly, and deep-rooted bilateral relations. India established its Diplomatic House in Lagos in November 1958, two years before Nigeria became independent on 01 October 1960.

2.      Presently, India is Nigeria’s largest trading partner and Nigeria is India’s largest trading partner in Africa. The Bilateral trade volume between Nigeria and India has touched USD 15 billion for the financial period 2021-2022 which represents an increase of 69.80%. This is despite an understandable fall in Crude Oil imports by India last year due to the Covid-19 Pandemic. Bilateral trade has also risen strongly from USD 8.8 billion in 2020-21 to USD 14.95 billion in the year 2021-22. While is one of the largest buyers of Nigerian crude oil, over 135 companies are owned and/or operated by Indians or Persons-of-Indian Origin in Nigeria. An entire generation in Nigerians from Northern and Eastern Nigeria were taught by Indian teachers, treated by Indian Doctors and grew up wearing Indian clothing and watching Indian movies in the 1970s to 1990s. The enormous goodwill earned by Indians can invariably be felt in interactions with the government and the civil society.

3.      Historically, both countries have been in the forefront of the international anti-colonial and anti-apartheid struggle and closely collaborated in various international fora. The presence of a large Indian expatriate community of about 50,000, the largest in West Africa, adds value to the importance of our long-standing relationship.



4.      Nigeria’s economy grew by 3.6% in 2021 (in contrast to a 1.8% contraction observed in 2020) underpinned on the supply side by 4.4% expansion in the non-oil sector against 8.3% contraction in the oil sector; non-oil growth was driven by agriculture (2.1%) and services (5.6%). On the demand side, public and private consumption were contributors to GDP growth. Per capita income grew by 1.0% in 2021. The fiscal deficit narrowed to 4.8% of GDP in 2021 from 5.4% in 2020, due to a modest uptick in revenues, and was financed by borrowing. Public debt stood at USD 95.8 billion in 2021 (about 22.5% of GDP).
Annual average inflation stood at 17.0% in 2021 against 13.2% the previous year and above the Central Bank’s 6–9% target. Inflation was fueled by food price rises at the start of the year and exchange rate pass-through. The central bank kept the policy rate unchanged at 11.5% in 2021 to support economic recovery. The current account deficit narrowed to 2.9% of GDP in 2021 from 4% the preceding year, supported by the recovery in oil receipts. Improved oil exports and disbursement of the Special Drawing Rights (SDR) allocation of USD 3.4 billion (0.8% of GDP), pending decision on its use, helped to boost gross reserves to USD 40.1 billion in 2021. The ratio of NPLs to gross loans was 4.9% in December 2021 (regulatory requirement 5%), while the capital-adequacy ratio was 14.5% (regulatory benchmark 10%). Poverty and unemployment remained high, broadly unchanged from 40% and 33.3%, respectively, in 2020.

  1. Outlook and risks:

Growth is projected to decelerate, averaging 3.2% during 2022– 23, due to persistently low oil production and rising insecurity. Inflation is projected to remain elevated at 16.9% in 2022 and to stay above pre-pandemic levels in 2023, fueled mainly by rising food, diesel, and gas prices and persistent supply chain disruptions amplified by the Russia–Ukraine conflict. Capital inflows are projected to recover, while oil exports are projected to increase slightly. The benefit of a forecast positive oil price shock on exports may, however, be partly offset by a weak output effect due to lower oil production, stoked by infrastructure deficiencies and rising insecurity. The projected marginal current account surplus of 0.1% of GDP in 2022 could turn into a deficit of 0.2% in 2023. Improved revenue collection will help narrow the fiscal deficit to an average of 4.5% of GDP. Public debt is targeted to reach 40% of GDP by 2024 on fresh borrowing. The headwinds to the outlook may be exacerbated by rising insecurity and policy uncertainty underpinned by the reversal of the initially planned removal of subsidies on premium motor spirit a year before the 2023 elections.

  1. Climate change issues and policy options:


Climate change’s impact on crop yields is projected by decline in produce by 7% in the short term (2006–35) and by 25% in the long term (by 2050). Projected increases in annual maximum temperature of 3–4°C between 2050 and 2070 could further undermine agricultural productivity and cause greater water stress. Already, shortages of water and grazing land are generating communal conflicts. Nigeria features at 73 on the 2021 Global Conflict Risk Index (GCRI). Transition to low carbon highlights the plight facing Nigeria’s oil sector and energy infrastructure. Oil and gas account for more than 85% of exports and about half of the revenues. Eliminating fossil fuels will act as a drag on the transition to higher income but provides a chance for inclusive and green development. The revised Nationally Determined Contributions (NDCs) 2021–30 and National Adaptation Plan 2021 set emission targets for 2030 at 453 MtCO2eq, around half of the level forecast in 2015. This is a 2.6% annual increase, with total financing estimated at USD 177 billion. The Climate Change Act (CCA) (2021), aligned with the Medium-term National Development Plan, provides the legal framework. Investing in clean energy, smart agriculture, and climate-proofing technology are vital for the economic transformation’s resilience and export-led diversification. Nigeria’s policy efforts bode well for meeting Sustainable Development Goals (SDG) 13 on climate action by 2030, but risks abound.



05.    Nigerian Government took steps to diversify the Nigerian economy with focus on agriculture and mining sector. Nigeria has recently signed the African Continental Free Trade Area (AFCFTA) Agreement which was postponed due to the COVID-19 Pandemic. Despite the constraints on trade relations in the country due to the coronavirus, the overall India-Nigeria trade and commercial relations remain buoyant and steady.
06.    India is the largest trading partner of Nigeria and Nigeria is India’s largest trading partner in Africa.  The total bilateral trade between India and Nigeria during the year 2021-22 registered USD 14.95 billion, as against USD 8.81 billion during the year 2020-21. Indian exports to Nigeria during the period 2021-22 were USD 4.66 billion, as against USD 3.13 billion in 2020-21 representing an increase of 48.75% of India’s exports . India’s imports during the period 2021-22 recorded USD 10.29 billion, against the USD 5.67 billion in 2020-21, representing an increase of 81.43 % of India’s imports.

07.    India is the largest importer of Nigerian petroleum products. Out of total India’s imports of USD 10.29 billion from Nigeria, crude oil accounted for USD 10.03 billion.  In recent years, Nigeria has been one of the main sources of crude for India. Nigeria emerged as the fourth largest supplier of crude oil and LNG to India in 2020.

08.    It is informally estimated that there would be around US$ 19.3 billion of investment by Indian companies in Nigeria.

09.    FDI inflows from Nigeria to India from April 2000 to June 2019 were valued at around USD 14.50 million. The investment by Nigeria has been made in construction, textiles, hotel & tourism, and drugs & pharmaceuticals. In view of the wide-ranging opportunities, recent initiatives like Make in India, Ease of Doing Business, Start-up India and a liberal FDI regime there is a large potential for investment between the two countries. India is the largest trading partner of Nigeria and Nigeria is India's largest trading partner in Africa.

India-Nigeria Bilateral Trade Statistics (Value in US $ million)

Bilateral Trade


2018 - 19




India’s Exports






India’s Imports






Total Trade






Bilateral Trade Statistics from 2017-2022

 India’s Top 10 Items of Exports to Nigeria


10.    Trade Agreement: A Trade Agreement was signed between the Government of India and the Government of Nigeria in 1983. A recently updated draft of the trade and economic cooperation agreement to energize private sector cooperation and provide for additional trade facilitation measures is under discussion between both sides.

11.    Joint Trade Committee (JTC):  India and Nigeria have agreed in 2017 to establish a Joint Trade Committee (JTC) at the level of Commerce Secretary from the Indian side and Permanent Secretary (Trade) from the Nigerian side to review the ongoing bilateral trade and commercial relations. The Nigerian delegation led by Director of Trade Mr Zachariah, Ministry of Industry, Trade, and Investment participated in the first JTC meeting which took place in New Delhi, in December 2019.  

12.    Nigeria-India Business Council (NIBC): Nigeria-India Business Council meeting and the inauguration thereof took place in New Delhi at ITC Maurya Hotel Chanakyapuri on 28 April 2022. The event was graced by the Hon’ble Minister of Foreign Affairs of Nigeria Mr Geoffrey Onyeama. High Commissioner of Federal Republic of Nigeria Mr Ahmed Sule welcomed the guests and Indian industrialists on the occasion and briefed them about the present scenario of a positive industrial climate in Nigeria. Ms Rekha Sharma, MSME advisor and Secretary General of the newly inaugurated Nigeria India Business Council (NIBC), addressed the meeting and briefed about the purpose of the initiative.

13.    Nigeria Chapter of ASSOCHAM: The Nigerian Minister of Industry, Trade & Investment, Dr Enelamah Okechukwu, the High Commissioner of India and President of ASSOCHAM Mr S Sunil Kanoria jointly launched the Nigerian Chapter of ASSOCHAM in Abuja on 28 June 28 2016.  Vice President of the Africa Region of the World Bank and Managing Director of Dangote Cement and President of Manufacturers’ Associations of Nigeria also attended the launching ceremony. The High Commission has been partnering with ASSOCHAM’s Nigeria Chapter in organizing business events and also participating in various trade fairs organized by different States of Nigeria.


14.    Over 135 Indian companies are currently operating in Nigeria which are either owned and/or operated by Indians or Persons-of-Indian origin. Prominent among these companies are Bharti Airtel, Tata, Bajaj Auto, Birla Group, Kirloskar, Mahindra, Ashok Leyland, NIIT, Aptech, New India Assurance, Bhushan Steel, KEC, Skipper Nigeria, Dabur, Godrej, Ranbaxy and Primus Super-specialty Hospital besides 15 prominent companies in Nigerian Power Sector. Nigeria’s pharmaceuticals, power, and transmission sectors are dominated by Indian companies.  Nigeria-based ethnic Indians are economically active in areas relating to the manufacturing and retailing of consumer goods, constructions, and air services. Indian-owned/operated companies are estimated to be the second largest employer in Nigeria after the Federal Government of Nigeria.


15.    Indian Companies Supporting Nigerian Companies: Indian companies have been involved in consultancy, supply of engineering goods, project exports as well as several activities associated with production support. A number of companies are also undertaking turn-key projects for Nigerian companies. As a result, Indian engineering goods and services are on the rise in Nigeria.

16.    Dangote Group of Nigeria is currently developing one of the largest Petrochemical and Fertilizer Complexes worth USD 2.5 billion which is currently the second largest in the world. The inauguration took place on 22 March 2022 at the Lekki Free Trade Zone, Lagos. Several Indian companies are associated in project management, construction, and supply of other accessories for these two plants. Engineers India Limited (EIL) is the PMC for the project. Other Indian companies working/worked in the Dangote Oil Refinery Project are Fabtech, Indcon Projects, Skipper, PatelsAirtemp, Temasme, PhilsEngg, Techno, Larsen & Toubro, Godrej, Vijay Tanks, ISGEC, Altech, Diamond Engineering, Bharat Bijlee, Thermax and Emmerson.

17.    PIO Companies: Prominent PIO groups in Nigeria are: Chanrai family (agribusiness and automobiles), Dana (pharma, steel, electronics, consumer goods, domestic airline), Chellarams (consumer goods, foodstuff, financial services, art), Keshwanis (retailing and construction) and Mehtani’s Churchgate Group (construction), DUFIL Prime Food Ltd., Indorama (Headquarters in Indonesia), Olam Nigeria Ltd (promoted by Indians with Singapore Government having a majority stake), etc.



18.    Industry sector:

Nigeria is a natural location for a variety of industrial activities due to the availability of natural resources, affordable labor costs, and large market. Its manufacturing sector is re-emerging largely due to the improving performance of consumer and household goods industries. It produces a large proportion of goods and services for the West African subcontinent. The industry sector contributes at an average of about 23% of the GDP. The major activities include oil & gas (9%), manufacturing (7%), and construction (5%). The sector is strategic to the government's objective of diversifying the economy in line with the Economic Recovery & Growth Plan.

19.    Oil & gas industry:

  1. The Nigerian oil and gas market is expected to register a CAGR of more than 4.5% during the forecast period. The COVID-19 Pandemic has significantly hampered the growth of the market, mainly due to global oil and gas demand contraction and global economic slowdown. The outbreak of COVID-19 led to the crude oil price crash in April 2020, leading to a significant reduction in CAPEX spending by oil and gas companies globally. The country’s national oil and gas companies were already struggling with liquidity and cash shortage, and due to the outbreak of COVID-19, the situation has further deteriorated. However, factors such as increasing investments in the upstream sector and the development of large-scale and modular refineries in the country are expected to drive the country's oil and market during the forecast period. Oil and gas production has been hampered in Nigeria in the past few years due to the attack on oil and gas infrastructure by militants. Furthermore, oil theft has been one of the major issues faced by the oil and gas market in Nigeria, which resulted in huge losses to operating companies in the country. Such factors are expected to have a negative impact on the market growth during the forecast period. The upstream segment in the market is expected to witness significant growth owing to the increasing offshore exploration and production activities which are mainly driven by the efforts of the government to improve the country's hydrocarbon industry. Lack of infrastructure, uncertainties in regulations and security concerns have led Nigeria to underutilize its refining capacities, thereby pushing the country to become a net importer of refined petroleum products. However, Nigeria is on the edge of altering refined products’ supply dynamics in the region with the help of the upcoming Dangote Refinery and it is expected to become the regional refining hub in the coming years. Once completed, the country is planning to become the refinery hub in Africa. This, in turn, is expected to attract foreign players to tap into the country's downstream market, creating several opportunities in the future. The increasing investments in natural gas infrastructure, owing to the country’s huge gas reserves and its advantage as a clean fuel, are expected to drive the market during the forecast period.


The first quarter of 2022 has been eventful for the global oil and gas industry. With oil prices reaching their highest in a while, it seems that the industry is now in recovery from the Covid-19 Pandemic. Contributing to the increased oil prices is the fact that many countries are now opening their borders and dropping the Covid-19 protocols they had put in place. This move has generally encouraged movement both domestically and internationally, increasing the demand for petroleum and related products. The Russia Ukraine conflict has also significantly impacted the price of crude oil, causing the price to rise to an all-time high. Several western countries imposed a ban on Russian oil and gas. The ban, together with the attack on Saudi Aramco's Jeddah depot, caused a further spike in the price of crude to over USD 120 per barrel in the first quarter. On a domestic level, Nigeria is witnessing asset divestments by International Oil Companies (IOCs), the inconclusive 2020 marginal fields bidding rounds, and the operationalization of the Petroleum Industry Act (PIA). With this eventful start, 2022 has signaled the recovery for the Nigerian Oil and Gas Industry, bringing its performance to a level better than the pre-pandemic levels.

  1. A little over a year after the passage of the Petroleum Industry Act (PIA), the sector has remained in crutches, yoking under the weight of gross inefficiencies that have plagued it for several years. Rather than the nation’s major source of revenue improving with the passage of the PIA as envisaged by stakeholders, the industry still lags behind other sectors in terms of GDP contribution and appears to be lagging behind in comparison to others. The PIA 2021 signed into law in August last year, is one of the most audacious attempts to overhaul the petroleum sector. When implemented diligently, it can facilitate the country’s economic rejuvenation by attracting and creating investment opportunities for local and international investors. The Oil and Gas Industry is off to an interesting start with the increase in oil prices. However, Nigeria needs to fix its infrastructure deficit to enable the country to maximize the increase in both prices and production quotas. The time to resolve these issues is now, as many countries embrace the net-zero campaign and move to fund projects that reduce carbon emission footprints. Nigeria’s oil sector contributed 6.33 percent to the total real GDP in Q2 of 2022, which was lower than the contribution in Q2 of 2021 and Q1 of 2022, where it contributed 7.42 percent and 6.63 percent, respectively.


20.    Manufacturing:

According to the National Bureau of Statistics (NBS), the contribution of Manufacturing to Nominal GDP in the second quarter of 2022 was 12.97%, lower than the figure recorded in the corresponding period of 2021 at 14.18% and lower than the first quarter of 2022 at 15.06%. NBS also indicated that real GDP growth in the manufacturing sector in the second quarter of 2022 was 3.00% on a year-on-year basis, lower than the same quarter of 2021 and lower than the preceding quarter by 0.48 percentage points and 2.89% respectively. Lagos and its surroundings are home to about 60% of Nigeria’s industrial activities. Other key industrial centers are Kano, Aba, Ibadan, and Kaduna. Nigeria’s most important manufacturing industries include beverages, cement, food processing, textiles, and detergents.

21.    Information, communication, and technology (ICT):

According to the National Bureau of Statistics (NBS), Information and Communication Technology (ICT) sector had contributed 18.44 percent to the GDP for Q2 2022. The diligent implementation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, stakeholder engagement, and the creation of an enabling environment have all played an important role in this achievement. Nigeria is currently working to establish a strategy for e-commerce that will boost the growth of the sector. The government has identified e-commerce as a major priority program that will play a critical role in the promotion of commodity trade, especially with the realities of the unprecedented Covid-19 global pandemic. The current e-commerce spending in Nigeria is estimated at USD 13 billion per annum and is projected to rise to about USD 75 billion in revenues per annum by 2025. The market outlook for Nigeria’s e-commerce shows that the number of online shoppers in the country, which was at 76.7 million in 2021, is expected to hit 122.5 million by 2025.

22.    Service sector:

It grew on a quarter-on-quarter basis @ 28.90%. However, the sector contributed 22.36% to overall GDP in real terms in Q1 2022, higher than the contribution in the first quarter of 2021 and lower than the fourth quarter of 2021 which stood at 22.35% and 26.84% respectively. The Nigerian services sector has remained resilient amidst hard-hitting economic circumstances. The strength of the sector has hinged on its consumer-facing nature which has seen it grow into a significant economic force. Over the last decade, the sector has met pent-up consumer demand and served a fast-growing middle class. Buoyed by government policies and increased private investments, growth in the sector has driven the diversification of the economy. Services currently account for 53% of Nigeria's gross domestic product (GDP). The top contributory services activities are trade (16%), information and communication (12%), real estate (6%), professional, scientific, and technical services (4%), and financial and insurance (3%).

23.    Financial and Insurance:

The National Bureau of Statistics (NBS) report has revealed that as companies in Nigeria continue to battle the tough operating environment, banks and other financial institutions contribution to Nigeria’s real Gross Domestic Product (GDP) in third quarter of 2022 dropped by 10.14% Quarter-on-Quarter to Naira 660.84 billion from Naira 735.4 billion. Analysis of the NBS numbers revealed financial institutions’ contribution to real GDP dropped to Naira 5594.68 billion in Q3 2022, representing a decline of 9.24% from Naira 655.22 billion in Q2 2022, while Insurance contribution to real GDP dropped significantly by 17.49% to Naira 66.16 billion in Q3 2022 from Naira 80.18 billion reported in Q2 2022. Analysts blamed the decline in financial institutions and insurance contribution to real GDP on macro-economic challenges part of which is the hike in the inflation rate. According to NBS, the annual inflation rate in Nigeria accelerated for the ninth straight month to 21.09% in October of 2022 from 20.77% in September. However, following wide and far-reaching reforms, the Nigerian financial and insurance industry has steadily evolved into a more diversified, stronger, and more reliable industry equipped to stimulate and support economic growth and sustainable industrial development of the country. The industry contributes about 3.49% to Nigeria’s GDP. Nigeria has integrated electronic payments into its financial system, a step that has reduced the flow of physical cash in the economy and is gradually transforming the country into a cashless environment.

24.    Textile, Garment & Footwear:

The textile garment and footwear industry accounts for about 2% of the national GDP. The textile industry was once ranked as the second largest in Africa after Egypt’s with over 250 factories operating above 50% installed capacity. At its peak, the industry averaged an annual growth of 67% and employed about 25% of the workforce in the manufacturing sub-sector, fed by locally grown cotton. The industry is currently estimated to be able to produce about 1.4 billion different pieces of textile products. With huge demand for clothing by a fast-growing population, the industry has been unable to meet domestic demand for African prints, shirting, bed sheets, furnishing fabrics towels, embroidery lace, garments, table and bed linen, guinea brocades, wax prints, java prints, jutes, fishing nets, among many other textile products. Nigeria is noted to produce cotton, silk and other fibers, which are primary materials for the textile industries. On an annual basis, area under cotton cultivation is about 0.2-0.6 millionhectares, largely in the Savannah areas of the country. Annual production is in the range of 300,000 tons of seed cotton or 110,000 tons of lint (about 607,735 bales of cotton lint) and 400,000 tons of seed cotton. Production is dominated by small scale farmers, with farm sizes ranging from 3-5 hectares all under rained ecologies. Seed cotton yield ranges from 0.6 to 1.5 tons per hectare. About 98% of the crop is grown to Gossypium Hirsutum, while the balance is grown with Gossypium Barbadense. There is, however, a dearth of cotton milling factories in the country resulting in the export of raw cotton. The implication of this is that the textile industry in the country now relies on imported processed raw materials. Although the textile industry might have lost some of its prominence, the potential of being a leader on the continent is still apparent. To this end, several initiatives, such as the Naira 100 billion Textile and Garment (CTG) Intervention Fund managed and disbursed by the Bank of Industry (BOI), are in place to revamp the industry and safeguard it from extraneous factors.

25.    Mining sector:

The contribution of the mining and quarrying sector to the GDP dropped to 5.90% in Q3 2022. This is lower by 10.75% points and 10.21% points, respectively, compared to the figures for Q3 2021 and Q2 2022. In Nigeria, despite the widespread economic impacts of the pandemic, the Mining Sector exceeded the budgeted revenue of the Federal Government (FG) in 2020 by about 10% (Naira 2.09 billion as against Naira 1.9 billion), and increased its contribution to the Nation’s Gross Domestic Product (GDP) by about 23% (2020: Naira 656.18 billion; 2019: Naira 369.00 billion). Nigeria’s mining sector is diverse in mineral resources including high-value commodities. Despite the abundant resources, however, the mining sector only accounts for 0.3% of national employment, 0.02% of exports and about USD 1.4 billion to Nigeria's GDP. The Nigerian government wants to put the country’s mining industry on a rapid growth trajectory and is implementing a number of strategic initiatives to achieve this. One of the priorities is to develop the downstream sector of the Nigerian economy and by increasing investment opportunities while minimizing import dependency and increasing contribution to the GDP.

26.    Energy and power sector:

The Nigeria power system is characterized by huge gap between supply and demand; current power demand is estimated at 17,520MW including latent and suppressed demand, against 5,300MW peak generation. As a result, about 90 million Nigerians have been reported to have no access to electricity according to the National Bureau of Statistics (NBS). Out of this non-electrified population, 17 million people live in urban areas, while 73 million live in rural areas. This means the majority of the non-electrified live in off-grid areas where grid supply is not economical and may not be sustainable due to the high cost of constructing transmission infrastructure. To this end, the country targets 10.2MW by 2019 and by 2030 including all energy mix for electricity generation. In order to achieve this, it is estimated that the country will require investments in power generating capacity alone of at least USD 3.5 billion per annum. Correspondingly, large investments are also required in the other parts of the supply chain i.e. the fuel-to-power infrastructure, power transmission and distribution networks. According to the report by the National Bureau of Statistics (NBS), the Nigerian electricity sector, classified with gas, steam and air conditioning supply recorded a 78.16% year-on-year real GDP growth in the second quarter of 2021. This is by far the highest growth rate record by any sector in the review period. Nigeria’s non-oil sector of the economy was largely driven by growth recorded in trade, telecommunication, road transport, electricity, crop production, and food production. The Electricity, Gas, Steam and Air conditioning Supply sector contributed 1.39% to the nominal GDP in Q2 2022, a 0.33%-point decrease from the corresponding period in 2021. However, this was an improvement from the previous quarter’s 0.38%.

27.    Healthcare sector:

The Nigerian healthcare system is structured into Primary, Secondary and Tertiary healthcare levels with the Local Government Areas (LGAs) responsible for primary healthcare, the State Governments responsible for secondary healthcare and the Federal Government is responsible for policy development, regulation, overall stewardship and providing tertiary care. Nigeria has a “double burden” of persisting high prevalence of communicable diseases and rising prevalence of non-communicable diseases with Malaria being the country’s most important public health challenge. It is responsible for 60 percent of outpatient visits to healthcare facilities, 30 percent of childhood deaths and 11 percent of maternal deaths with over 90 percent of the population at risk of Malaria, 100 million cases per annum and about 300,000 deaths per annum. The healthcare industry is currently challenged by outbound medical tourism, deteriorating medical infrastructure, low government budget allocation and poor compensation for public healthcare workers, all of which have prompted a large number of skilled medical practitioners to relocate overseas in search of better employment opportunities. According to the National Medical Association (NMA), approximately 2,000 doctors leave the country each year and at least 266 Nigerian doctors were licensed in the United Kingdom between June and July 2022. The World Health Organization (WHO) and African Union (AU) in 2001 set a goal for African countries to allocate at least 15% of their annual budgets to funding healthcare. However, Nigeria’s health sector allocation has remained below 10% of annual budgets since the target was established; the health sector received only about 4% (Naira 546.98 billion) and 5% (Naira 724.6 billion) of the total budgetary allocation in Nigeria’s 2021 and 2022 budgets.

28.    Agriculture sector:

Nigeria's agricultural sector contributes to a significant part of the country's GDP. The agricultural sector contributed 23% to Nation’s Gross Domestic Product (GDP) in the first half of 2022. Nigeria is blessed with large tracts of arable land which makes agriculture an important sector of the economy with high potential for employment generation, food security and poverty reduction. Although the sector was largely dominated by subsistence farming, with improved seedlings, modern farming methods and better weather forecasting, agricultural yields have continued to grow. These improvements have been driven by government policies which are aimed at encouraging more commercial and mechanized farming. These policies leverage Nigeria’s agricultural ecosystem to transform the country into a leading agribusiness and agro-allied industrial nation. The agricultural sector largely contributes 25% of Nigeria’s Gross Domestic Product (GDP) and accounts for 48% of the labor force. The sector’s growth rate over the last 5 years averaged 4%. Crop production dominates the sector, accounting for 22.6% of GDP alongside livestock (1.7%), fisheries (0.5%) and forestry (0.3%).

29.    Transportation:

The contribution of transport activities to Nominal GDP in Q2 2022 was 2.79%, greater than the 1.60% contribution in the first quarter of 2022 and up from the 2.09% reported in the same period of 2021. Nigeria's transport network is one of the best in Africa, featuring an extensive system of paved highways, railroads, airports, waterways, and seaports. The sector contributes about 1% of the national gross domestic product (GDP) annually and grows at an annual average rate of 8% in the last 5 years. Road transport has accounted for more than 80% of passenger and freight movement in the country. Towards reducing the burden, the government is revitalizing the railway network to soak up a large proportion of this movement. The aviation sub-sector has also been transformed to a more user-friendly and affordable mode of transportation compared to world standards. Similarly, the capacity of the inland waterways is being built to effectively complement the other modes of transport. Nigeria’s seaports handle 68% of West Africa’s maritime trade. The main seaport in Nigeria is at Calabar, Port Harcourt, Lagos, Sapele, Onne, and Warri. The Nigerian Port Authority (NPA) regulates activities in the ports, several of which are under concessions. To complement the government's efforts at enhancing the socioeconomic infrastructure, the Infrastructure Concession and Regulatory Commission (ICRC) was established to facilitate private sector participation in infrastructure development and management through Private Public Partnerships (PPP).


30.    Agriculture: Due to high inflation, Nigerians will spend more of their income on food commodities and food investment is the number one in the priorities of households in Nigeria. Any investment made in agriculture in Nigeria will yield huge return of up to two digits. Nigeria’s agro exports value has grown by 15% in 2022. Cocoa, Cashew nuts, Sesamum seeds, Coconut, Ginger, Frozen Sea foods, Brazil nuts in shell, Natural cocoa butter, Cocoa beans, Sesame oil and its fraction, Palm nuts and kernels are expected to top Nigeria’s agro-export list as they have remained on top over the years. This is one of the four key sectors with fantastic promises for Indian investment and investors. In whatever stage or level in the value chain investment Nigeria is blessed with large tracts of arable land which makes agriculture an important sector of the economy with high potential for employment generation, food security and poverty reduction. Staple foods such as rice, groundnuts, casava, maize or beans are for short harvest bases which makes them attractive to investors who are assured of maximum returns on investment by the large domestic market available for either local consumption or exports of products. Agricultural sector contributes to 25% of Nigeria’s Gross Domestic Product (GDP) and accounts for 48% of the labour force. The sector’s growth rate over the last 5 years averaged 4%. Crop production dominates the sector accounting for 22.6% of GDP alongside livestock (1.7%), fisheries (0.5%) and forestry (0.3%). Nigeria’s agricultural zones, which stretch from the tropical savanna in the north to the coastal rainforest in the south, and the mangrove of the Niger-delta complemented by tropical and semi-temperate weather prevalent across the country, promote the cultivation of a wide variety of agricultural produce from exotic fruits, vegetables, tree crops to root crops. Towards maximizing this nature’s gift, government has mapped-out soil characteristics across the country and provides detailed daily report on favourable weather conditions.

31.    Energy: Nigeria’s Energy Transition Plan (ETP) launched by the Federal Government on 24 August 2022, with the aim to establish the country's strategy to reach a net-zero emissions energy system by 2060, would require funding of about USD 1.9 trillion up to 2060. Nigeria’s energy sector accounts for about 65% of the country’s total greenhouse gas emissions. With this lens, a critical analysis of the Nigerian ETP reveals additional and complementary actions that could be taken to realize a net zero emissions energy system. Complementary actions needed to realize Nigeria’s Energy Transition Plan may include the following: Identify (and support) low-carbon energy solutions that work for low-income Nigerians, Innovation in natural gas infrastructure development, Modernize biomass utilization, Improve energy efficiency in small and medium enterprises (SMEs), Focus on natural carbon removal solutions, Explore strategies for an integrated energy system, Incentivize change in transportation choices, Reduce dependency on foreign climate finance, Harmonize climate-related policies. The huge energy market is another vital sector where Indian entrepreneurs can contribute to the economic transformation in Nigeria. The growth rate of the sector on a quarter-on-quarter basis stands at 2.59%. Opportunities to harness abound for Indian investors in areas such as Hydropower has been a cornerstone of grid-powered generation in Nigeria for decades. 15% of current power generation sources in the country are hydro-based. Nigeria has enormous solar energy potential with distributed solar radiation averaging 19.8 MJm2/day and average sunshine hours of 6h/day. The assumed potential for concentrated solar power and photovoltaic generation is around 427,000 MW. According to estimates, the designation of only 5% of suitable land in central and northern Nigeria for solar thermal would provide a theoretical generation capacity of 42,700 MW. The biomass resources of Nigeria are mainly crops, forage grasses, shrubs, animal wastes and waste arising from forestry, agriculture, and municipal and industrial activities. Crops such as sweet sorghum, maize, and sugarcane are the most promising feedstock for biofuel production. According to estimates, the daily production of animal waste in Nigeria is about 227,500 tons, which could lead to about 6.8 million m3 of biogas. A vast and profitable market exists in the largest economy in Africa with enormous opportunities for entrepreneurs and businessmen from India who see maximum yields and returns on investment.

32.    ICT: The ICT sector provided 3 unprecedented contributions to the Gross Domestic Product (GDP) of the country in the last three years, namely 14.07% in Q1 2020, 17.92% in Q2 2021and 18.44% in Q2 2022. Each time, that has been the highest-ever contribution of the ICT sector to the GDP. However, there is a huge technology gap, know-how, and experience in the ICT sector in Nigeria. India as the front-runner in the global ICT industry, and there is so much Nigeria can learn from India where its expertise is institutionalized. There is a need for ICT villages in major cities of Nigeria where Indian experts can train talented Nigerian youth to grow the ICT sector. Technical universities can be created where Nigerian youths can pursue relevant skills in information and communication technology. If faithfully applied, these steps will considerably boast the profile of India in the Nigerian economy in the ICT sector.

33.    Pharmaceuticals: Expertise in the development of the pharmaceutical industry is another vital sector where Nigeria can gain considerable experience from its Indian counterpart. Globally India is recognized as a utility player in the pharma sector.  The analysis indicates that the value of the Nigerian pharma market could rise by as much as 9% a year over the next ten years to reach USD 3.6 billion by 2026 (exhibit), making it as large as the current South African market. Over the same period, Nigeria could contribute between USD 1.9 billion and USD 2.2 billion to pharma sales growth, 55% of it from prescription drugs. The reward is huge and limitless for Indian investors to participate in developing and transforming the pharmaceutical sector in Nigeria. Identifying the above strategies/opportunities is therefore another avenue to push India-Nigeria relations and cooperation to the next level. The government has launched the National Drug Policy 2021 which seeks to promote the local pharmaceutical sector by encouraging local production. For instance, the policy seeks to ensure that by 2025 Nigeria would be able to achieve 75% local manufacturing of essential medicines needed in the country. The policy goes ahead to seek the use of fiscal and other measures to promote the local production of drugs in Nigeria. The pharmaceutical industry will need to rise to the occasion and work closely with the government to take advantage of this new policy. There are reports that the African pharmaceutical market is projected to grow between USD 60 billion to USD 70 billion after COVID-19. The excitement that greeted this projection was justified by the realization that Nigeria has the market and number superiority on the African continent.
34.    Construction: After experiencing a 7.5% decline in 2020 due to the economic effects of Covid-19 pandemic, Nigeria’s construction sector has expanded to 5.7% in 2022 from its 3.1% expansion in 2021. With the steady expansion of the real estate market and state support in the infrastructure and energy sector, Nigeria’s construction market is due to increase annually by 3.2% between 2022 and 2025. Favourable government policies and programs like the USD 2.7 billion Infra-Co fund backed by the Central Bank of Nigeria (CBN), the Nigerian Sovereign Investment Authority (NSIA) and the Africa Finance Corporation Companies (AFCC); has attracted investors into the sub-sector and boosted the confidence of existing players like Julius Berger, China Civil Engineering Construction Company (CCECC), Reynolds and Arab Contractors. The 2021 Appropriation Bill for Covid-19 economic impact recovery is also a step in the right direction for investors.

35.    Transport and Logistics: The transportation, logistics and supply chain sub-sector is one of the fastest-growing industries in Nigeria due to its dependencies on other fast-growing sectors like infrastructure construction, trade and eCommerce. With an estimated growth of USD 160 million annually, the sector is promising in every sense of the word. This is why the federal government has embarked on an aggressive campaign to transport and distribution network, workforce, road infrastructure, road congestion, road conditions, interstate highway access, vehicle taxes and fees, railroad access, water port access air cargo access, etc. to ensure innovation within the infrastructure development cycle of logistics and supply chain a well as attract local and foreign investments.

36.    Education and Training: The rapid industrialization of Nigeria has seen a sharp increase in demand for skilled labour education. An estimated 80,000 Nigerians go abroad each year to obtain an education or some type of short-term training. That number added to an existing 180 million people in the country within the learning age. There is an increasing demand for affordable education and training in specialized fields like ICT courses, Business, Sciences and Foreign Languages. Due to the global pandemic curbing young people's ability to travel and study abroad, the market for quality education within the country is reaching an all-time high. With the exemption of profit taxes for education providers, as well as other incentives in place, the Government hopes to achieve a home-trained labour-force for the growing industry and service sectors.

  1. BILATERAL EXCHANGES: Recent Ministerial Visits from Nigeria of Economic and Commercial Importance:


37.    Visit to India on 28 April 2022 for the 7th edition of Raisina Dialogue and inauguration of the Nigeria-India Business Council (NIBC):

(a) Mr Geoffrey Onyeama, Minister for Foreign Affairs of Nigeria, graced the India-Nigeria Business Forum meeting held in New Delhi, India along with High Commissioner of the Federal Republic of Nigeria to India Mr Ahmed Sule and other Indian industrialists. Mr Geoffrey Onyeama, Minister of Foreign Affairs, also participated in the 7th edition of Raisina Dialogue and meet Prime Minister of India and Dr S Jaishankar, Minister for External Affairs, and agreed to expand the development partnership focusing on health, infrastructure, education, agriculture, and capacity building.

(b) Furthermore, Mr Geoffrey Onyeama, Minister for Foreign Affairs of Nigeria, along with Mr Ahmed Sule, High Commissioner of Federal Republic of Nigeria to India, and other Indian industrialists inaugurated the Nigeria-India Business Council (NIBC) and on the occasion, briefed about the present scenario of positive industrial climate in Nigeria and dwelt at length about the India-Nigeria bilateral & cultural relations bonding that exists in both countries. Ms Rekha Sharma, MSME Advisor and Secretary General of Nigeria India Business Council, addressed the meeting and briefed the about the purpose of launching the NIBC. The hon’ble minister also briefed the Indian side about the leadership vision of the Nigerian government and how they propose to boost business and industrial growth.

38.    Brief on Hon’able Minister Mr Otunba Adeniyi Adebayo, Con, Federal Ministry of Industry Trade and Investment’s participation at the Special Plenary Session with other Trade Ministers at the 17th edition of the CII Exim Bank Conclave on India-Africa Growth Partnership from 19-20 July 2022 in New Delhi:

  1. Hon’ble Minister for Industry Trade and Investment, Mr Otunba Adeniyi Adebayo, participated in the Special Plenary Session with Trade Ministers at the 17th Edition of the CII Exim Bank Conclave on India-Africa Growth Partnership from 19-20 July 2022 in New Delhi. At the Ministerial panel discussion on 19 July 2022 on "Building B2G Bridge" between India and Africa, along with other Ministerial Representatives of select African countries, the important points that emerged from the speech of Hon’ble Minister of Industry Trade and Investment of the Federal Republic of Nigeria, during the above-mentioned Ministerial panel discussion, are as follows:


    1. Establishment of a trading desk and the appointment of a designated Senior Trade Officer that will coordinate specific trade and investment activities
    2. Port reforms: the reduction or removal of any barriers at the port
    3. Capacity building and skills exchange between India and Africa
    4. Harmonization of important export regulations
    5. Review and strengthening of current and proposed bilateral agreements to reflect the current trends eg AfCFTA and e-commerce;
    6. Review of the trade and investment regime across Africa to provide additional incentives for the Indian business community.
    7. Improving the investment climate through the development of hard and soft infrastructure as well as providing different investment incentives such as concessional finance, risk mitigation instruments, enhanced investment readiness and adaptation planning at government institutions to attract funding from the Indian private sector and government.
  1. The Suggestions included the following:


    1. Certain mechanisms can be put in place to enhance India-Nigeria trade and investment relations such as improvement in posts, increased capacity building and skills exchange, finalization of bilateral agreements benefiting both the countries and improving the investment climate by providing more concessional finance risk mitigation and enhance investment to the continent.
    2. There should be a forum for formal interaction between both countries, one at the policy makers’ level and secondly at the business level comprising major Indian and Nigerian companies and other MSMEs and Start-ups.
    3. The cultural exchange between Indian and Africa is promising and there is potential for India’s Bollywood to engage more rigorously with Nigeria’s Nollywood to have a more formalized interaction between the film industries of both countries.
    4. An establishment of an Africa-India economic area with easy and free movement of labour, capital goods and services could also result in increased funding for social services, financial support for growth sustaining the infrastructure and preferential access to Indian markets for Sub-Saharan African Exports.
  1. The conclusion being that Nigeria is a favourite investment destination for Indian companies and we look forward to encouraging further investment in Nigeria. Further, the actionable items from the speech are as below:


    1. Pursuing of mutually beneficial bilateral trade agreements such as ECA, DTAA and BIT.
    2. Increasing slots for capacity building and skills (ITEC slots).
    3. Improving the cultural exchange program between both countries by providing for regular exchanges between Bollywood and Nollywood.

39.    The High Commission facilitated the visit of Hon’ble Minister Mr Gbemisola Ruqayyah Saraki, Minister of State for Mines and Steel Development of Nigeria, to the 17th Confederation of Indian Industry CII-EXIM Bank Conclave held from 19–20 July 2022 at Hotel Taj Palace, New Delhi:

The High Commission facilitated the visit of Hon’ble Minister Mr Gbemisola Ruqayyah Saraki, Minister of State for Mines and Steel Development of Nigeria, to the 17th Confederation of Indian Industry CII-EXIM Bank Conclave and TATA Motors, leading partners of the conclave intimated the Hon’ble Minister of State’s exposure of India-made electric vehicles EVs and other allied infrastructure, especially the battery swapping or charging stations as was requested for by the Minister.

40.    Visit of Prof Moji Christianah Adeyeye, DG, NAFDAC, to Delhi to attend Pharmexcil’s event “International Regulatory Convergence to promote Accessibility and Affordability of Quality Medicines” from 21–23 September 2022:

Prof Moji Christianah Adeyeye, DG, NAFDAC, visited Delhi to attend Pharmexcil’s event “International Regulatory Convergence to promote Accessibility and Affordability of Quality Medicines” where he made a presentation and spoke on “Accessibility, Affordability & Equitable distribution for COVID-19 Vaccines & Therapeutics” and briefly discussed on the importance of recognizing the Indian Pharmacopoeia by Nigeria.


41.    43rd Kaduna Intranational Trade Fair, which took place from 25 February to 06 March 2022 in Kaduna, Nigeria: High Commission’s representative gifted AKAM calendars to the Indian Community in Kaduna and urged increased participation in AKAM-India@75 celebrations. 13 Indian companies participated at the fair.

42.    Commissioning Ceremony of Dangote’s largest Fertiliser Plant on 22 March 2022: Deputy High Commissioner attended the commissioning ceremony of Dangote Fertiliser on 22 March 2022. Hon’ble President, Federal Minister of Trade Industry and Investment, Federal Minister of Agriculture, Rural Development, and Governors of a few Provinces were present on the occasion. This fertilizer plant is the largest fertilizer plant in Africa. During their speech, Hon’ble President and Mr Aliko Dangote mentioned that the export of Dangote fertilizer has already started to USA, Brazil, and India.

43.    Contract between NNPC and IOCL on 23 March 2022: Mission facilitated signing of the contract between NNPC and IOCL on 23 March 2022.

44.    FIEO’s participation in PowerElec Nigeria at Federal Palace Hotel, Lagos from 28-30 March 2022: FIEO organized the participation of Indian companies in PowerElec Nigeria at Lagos from 28-30 March 2022. The India Pavilion was inaugurated by High Commission’s Representative. Around 30 Indian companies participated in the event representing Power Transmission, Generation, Distribution, Electricals & Electronics, and allied products. The event had great support from Lagos authorities & businesses across Lagos metropolis and Nigeria at large.
45.    Airtel, Konga Sign MoU to Deepen Digital Retail in Nigeria on 03 April 2022: Airtel Nigeria has signed a memorandum of understanding (MoU) with Konga, an e-commerce company, to deepen the digital retail landscape in the country. The agreement was signed at an event held recently in Ikoyi, Lagos.

46.    Signing of contract between Hindustan Aeronautics Limited (HAL) and the Nigerian Air Force on 08 April 2022: On 08 April 2022 a contract was signed between Hindustan Aeronautics Limited (HAL) and the Nigerian Air Force to foster bilateral cooperation in the areas of capacity building and helicopter pilot training.

47.    Communication to Reserve Bank of India and Ministry of Finance India for direct flights to India on 11 April 2022: The High Commission on 11 April 2022 wrote to the Reserve Bank of India and Ministry of Finance India for facilitating Air Peace Nigeria Limited, a flag carrier and largest airline of Nigeria and West Africa, to gain bank approvals for starting direct flights between Nigeria and India.

48.    Nigeria India Business Council (NIBC) meeting in New Delhi at ITC Maurya Hotel Chanakyapuri New Delhi on 28 April 2022: The event was graced by the Hon’ble Minister of Foreign Affairs of Nigeria Mr Geoffrey Onyeama. High Commissioner of Nigeria to India, Mr Ahmed Sule, welcomed the guests and Indian industrialists on this occasion and briefed them about the present scenario of a positive industrial climate in Nigeria. Ms Rekha Sharma, MSME Advisor and Secretary General of the Nigeria India Business Council (NIBC), addressed the meeting and briefed about the purpose of the launching of the Nigeria India Business Council. Hon’ble Minister dwelt at length about the Indo Nigerian relations and also the cultural bond that exists between both countries. Hon’ble Minister also briefed the Indian side about the vision of the Nigerian government and how they propose to boost business and industrial growth. Mr Deepak Jain, DG-FII, addressed the audience and suggested that based on the feedback of 35,000 Indians living in Nigeria, weekly direct flights should start between India and Nigeria. This would boost cultural and business ties further. He also emphasized the need of waiving off the visa permit fee of non-working spouses who are accompanying the working spouse, which @ USD $2,000 is very high and is a deterrent in attracting good talent to Nigeria. This prohibitively high fee is also restrictive and results in poor output if a migrant/worker chose to travel to Nigeria alone for work alone, away from his family. Mr Jain confirmed and reiterated the FII vision and support to the energy sector of Nigeria and assured the Hon’ble Minster for promotion of FDI in the energy sector. Mr Naveen Jindal, Chairman Jindal Power, and Mr Ashok Chaturvedi, Chairman Uflex Ltd., and Mr Jitender Sachdeva, Chairman Skipper Ltd., and other office bearers of Indian Industries Association also addressed the gathering.

49.    Mission-assisted NTPC Ltd to source for local partners in Benin (June 2022): Mission-assisted NTPC Ltd., a Government of India Enterprise, through Honorary Consul Mr Gobind Manglani, to source local partners in Benin for a tender notice in the power sector.

50.    Facilitation of export of 500,000MT of Wheat to Nigeria through M/s Olam Group on 29 June 2022: Mission facilitated a request from the Federal Ministry of Trade and Investment for the export of 500,000MT of wheat to Nigeria through Ms Olam Agri India Pvt Ltd via a letter to DGFT on the 29th June 2022.

51.    Nigeria Oil & Gas (NOG) Conference & Exhibition from 4-7 July 2022: On 05 July 2022, Mission welcomed and supported the Indian delegation to the 21st Annual Nigeria Oil & Gas (NOG) Conference & Exhibition, which was held from 4-7 July 2022 at ICC, Abuja, Nigeria and facilitated by the Confederation of Indian Industry (CII). The inaugural session was attended by DHC. The event saw a participation of over 50 companies from India.

52.    Indian Exhibitors at BuildExpo 2022 on 06 July 2022: The High Commission welcomed the Indian Exhibitors at BuildExpo 2022, the biggest construction and engineering show in West Africa, and encouraged Indian exhibitors at the inauguration ceremony while thanking the Nigerian authorities for their support and for organizing a successful event.

53.    Meeting with Minister of State for Petroleum Resources on 14 July 2022: Deputy High Commissioner met the Minister of State for Petroleum Resources of the Federal Republic of Nigeria, Chief Timipre Marlin Sylva, on 14 July 2022 and discussed matters of energy cooperation, oil & gas, and bilateral relationship between both countries.

54.    Nigerian Export Promotion Council (NEPC) meeting on 22 July 2022:  Deputy High Commissioner participated in an interactive dinner with Ambassadors /Counsellors of Embassies/Development partners in Nigeria, which was organized by the Nigerian Export Promotion Council (NEPC) on 22 July 2022 and discussed opportunities for encouraging non-oil exports from Nigeria and highlighted the need for more enabling visa policy from both countries to aid exports and for both sides benefiting.

55.    African International Housing Show on 25 July 2022: High Commissioner and Deputy High Commissioner visited the Indian companies participating in the African International Housing Show, which took place in Abuja on 25 July 2022. 10 Indian companies participated in the event.

56.    Meeting with Ambassador Sani Saulawa Bala, Executive Director and Senior Leadership of Savannah Centre for Diplomacy on 28 July 2022: High Commissioner accompanied by First Secretary (Political) met Ambassador Sani Saulawa Bala, Executive Director and Senior Leadership of Savannah Centre for Diplomacy, Democracy and Development on 28 July 2022 and discussed bilateral cooperation.

57.    West Africa AGROFAIR 2022 (27–29 July 2022): Deputy High Commissioner attended the West Africa AGROFAIR 2022, which was held from 27–29 July 2022 and which was organized by the Abuja Chamber of Commerce and Industry (ACCI) at the Abuja Trade & Convention Centre (ATC), Abuja. DHC addressed the inaugural ceremony and marshalled out opportunities in the agricultural sector of both countries and commended India-Nigeria growing bilateral cooperation. Seven Indian companies in the agricultural sector participated in the event.

58.    India-Nigeria Relations in partnership with Savannah Centre for Diplomacy, Democracy and Development (SCDDD) on 11 August 2022: As a part of the 76th Independence Day and AKAM celebration, the High Commission of India, Abuja in partnership with the Savannah Centre organized a conference on India-Nigeria relations on 11 August 2022. Executive Director of Savannah Centre for Diplomacy, Democracy and Development (SCDDD) Ambassador Sani Bala gave the welcome address, Permanent Secretary from Ministry of Foreign Affairs Ambassador Gabriel T Aduda set the tone and High Commissioner of India to Nigeria presented an overview of the India-Nigeria relations. 

59.    VIP Event: Visit of Hon'ble Minister of State (MoS)_for External Affairs Shri V Muraleedharan to Nigeria from 22-23 August 2022:

  1. Hon'ble MoS for External Affairs Shri V Muraleedharan arrived in Abuja on 22 August 2022 for a 2 day visit aimed at strengthening bilateral relations, including trade & economic cooperation between India and Nigeria.
  2. Hon'ble MoS for External Affairs Shri V Muraleedharan participated in the inaugural session of the India Nigeria Business Council meeting (NIBC) event which took place in Abuja from 22 -23 August 2022. Hon'ble MoS marshalled out India and Nigeria’s close and friendly relations which are deep-rooted and multifaceted and how both countries have maintained close contacts and supported each other in their fight against the pandemic. MoS furthered the momentum by high-level exchanges and strengthened cooperation with Nigeria, bilaterally and in the multilateral fora. From the Nigerian side, Minster for Industry Mr Otunba Adeniyi, Minister of Power Mr Abubakar Aliyu, Minister of Mines & Steel Mr Olamilekan Adegbite and MoS for Foreign Affairs Mr Zubairu Dada attended the event.
Hon’ble MOS paid a courtesy call on Mr Muhammad Buhari, the President of the Federal Republic of Nigeria. MoS also met the Foreign Minister of
  1. Nigeria Mr Geoffrey Onyeama and Minister of Defence Major General Bashir Magashi (Rtd). Hon’ble MoS also addressed and interacted with Members of Indian Community on 23 August 2022 in the High Commission’s premises.
  2. Hon’ble MoS discussed the multifaceted bilateral relations with Nigerian dignitaries including the Minister of State for Education, Permanent Secretaries Ministry of Foreign Affairs (MOFA) and Education as well as Indian business leaders on 23 August 2022 at India House, Abuja.

60.    Meeting with BEML and Partners on 02 September 2022: High Commissioner and Defence Attache met BEML and their Partners in Nigeria on 02 September 2022 and discussed the opportunities in Mining, Defence and Railways sectors in Nigeria.

61.    Meeting with NNPC Executives and Indian Oil Executive Director and Team on 29 September 2022: On 29 September 2022, High Commissioner and Indian Oil Corporation’s Executive Director along with his team met Mr Mele Kyari, Group Managing Director (GMD) of NNPCL, and discussed cooperation in LPG, CNG and LNG sectors. The Indian team also attended the Indo-Nigeria Summit on LPG organized by NNPCL on 28 September 2022.

62.     iAutoConnect organized by ACMA Reverse Buyers Seller Meet from 3-4 October 2022: Seven company representatives from Nigeria visited India for the event.

63.    17th Abuja International Trade Fair from 30 September to 09 October 2022 at ACCI Abuja International Trade Fair Complex: High Commissioner attended the inaugural ceremony on 04 October 2022 and highlighted the scope of bilateral trade relations. Also present at the inaugural ceremony was the Minister of Trade and Investment Mr Richard Adeniyi Adebayo, Minister of FCT Mr Malam Mohammed Bello, Minister of Power Mr Abubakar Aliyu and Minister of Health Dr Osagie Ehanire.

64.    07th Global Ayurveda Day at the High Commission of India, Abuja on 23 October 2022: The High Commission celebrated the 07th Global Ayurveda Day as part of AKAM or India@75 celebrations, to mark 75 years of India’s Independence. The event saw participation from the Federal Ministry of Health, NAFDAC Agency and major hospitals across Abuja Metropolises. During the discussions surrounding India and Nigeria’s cooperation in the field of traditional medicine, HC mentioned that the Department of Traditional Complementary and Alternative Medicine (TCAM) under the Nigerian Ministry of Health is regularly interacting with counterparts on the Indian side and thanked the National Agency for Food and Drug Administration (NAFDAC) for their support and recognition and promotion of Nigeria's traditional medicine.

65.    Meeting with Minister Professor Isa Ali Pantami, Minister of Communications and Digital Economy of Nigeria on 27 October 2022: Hon’be Minister Professor Isa Ali Pantami received the High Commissioner in his office at the Communications and Digital Economy Complex, Abuja and discussed collaboration in the areas of Digital Innovation & Entrepreneurship, Digital Economy and 5G Technology.

66.   TPCI’s Participation at the 2022 Lagos International Trade Fair from 04–13 November 2022: Trade Promotion Council of India (TPCI) participated at the Lagos International Trade Fair, which was held from 04-13 November 2022 at the Tafawa Balewa Square, Lagos. During the fair, the LCCI organized the Foreign Exhibitors Breakfast Meeting for International Exhibitors to meet and interact with their Nigerian counterparts for possible business opportunities, partnerships and collaborations during the Fair. In all, ten Indian exhibitors’ companies participated in this year’s edition of the LITF. These were:

  1. Turbo Engineers (CBE)
  2. Teamwork Global Logistics
  3. Quest Cargo PVT. Ltd
  4. Udyogi Plastics PVT Ltd
  5. Udyogi Safety Appliances PVT. Ltd
  6. Kam Tech Solar Power Products Pvt Ltd
  7. Gogia Chemical Industries (P) Ltd
  8. Sritech Lipid Process Technologies Pvt
  9. Bhavya Machine Tools LLP
  10. Genuine Biosystems Pvt Ltd


67.    The 28th Nigerian Economic Summit Group (NESG) Themed “2023 & Beyond: Priorities for Shared Prosperity” from 14–15 November 2022: Deputy High Commissioner attended the 28th Nigerian Economic Summit (NES#28) and convened the national and global policymakers, business leaders, development partners, civil society leaders and scholars to articulate the country’s development imperatives. The theme of this year’s Summit was “2023 and Beyond: Priorities for Shared Prosperity”, and it was held from 14-15 November 2022, in Abuja.

68.    FIEO’s Virtual Manufacturing Africa B2B Expo scheduled from 01–03 February 2022: Deputy High Commissioner gave a video message regarding opportunities in the manufacturing sector and highlighted areas for a win-win collaboration. He also encouraged and commended the organizers for putting up a successful event.

69.    Inaugural Session of Nigeria 5P-Virtual International, Exhibition for Paper, Packaging, Plastic & Printing Industry on 15 February 2022: Deputy High Commissioner gave a recorded message on opportunities and collaboration between Nigerian buyers and their Indian counterpart in the paper & plastic industry and encouraged/commended the organizers for putting together such a successful event.

70.    Virtual ICC Kolkata, LCCI Lagos and Ministry of External Affairs Curtain Raiser for 02nd Edition of ICC Power and Electrical Equipment Fair on 16 February 2022: Deputy High Commissioner participated in and spoke on opportunities and areas of collaborations in the power sector; stating that there are tremendous openings for Indian companies to invest in the Nigerian power sector especially in solar energy and renewable energy as Nigeria only uses thermal and bio energy sources. A B2B meeting was later held between Indian buyers from ICC Kolkata and Nigerian importers from LCCI.

71.    Virtual Marine Products Export Development Authority (MPEDA) and LCCI Lagos B2B Meet on Seafood in 16 February 2022: Mission facilitated an India-Nigeria B2B meeting on Seafood held on 16 February 2022 between MPEDA and Lagos Chamber of Commerce on virtual mode. More than 60 buyers and exhibitors participated at the B2B meetings and business opportunities in the seafood industry were discussed.

72.    Virtual Buyer Seller Meet of Indian Handicrafts organises from 15-18 February 2022: Mission participated through views mode only.

73.    Visit of Delegation from Zamfara State on 23 February 2022: A delegation from Zamfara State Government visited the High Commission on 23 February 2022 and discussed ways of collaborating with India on innovative ideas including to help the State through infrastructural development in areas of Security, Agriculture, Health, Education, Transportation, Renewable energy and Capacity building.

74.    CAPEXIL’S India International Ceramic & Building Material Fair 2021 (IICBMF) CUM B2B from 08-11 March 2022: Deputy High Commissioner gave a recorded message regarding opportunities in the Ceramic & Building sector and highlighted areas for a win-win collaboration. He also encouraged and commended the organisers for putting up a successful event.

75.    CAPEXIL Printing & Publishing from India from 14-16 March 2022: CAPEXIL, the premier export council of India at hosted a virtual & global fair called Printing and Publishing Fair 2022 from all across India. The fair had more than 2000 participants from across the world in the printing & publishing sector. Mission participated on virtual mode.

76.    UNPC virtual meeting on 13 April 2022: DHC participated at a virtual webinar hosted by Uttar Pradesh Export Promotion Council (UPEPC) in connection with Boosting Exports Growth from Uttar Pradesh, India on 13 April 2022.

77.    The Acting High Commissioner Mr V.S.D.L Surendra attained the Infrastructure Dialogue themed “Post Covid-19 Infrastructure Financing in Nigeria on 27th April 2022: The Capital Market Option” hosted M/s Deutsche Partners Holding (DPH) a licensed fund/portfolio manager with competence in Private Wealth Management & Advisory, serving both individuals, corporate, government and instructional clients on 27 April 2022.

78.    Virtual Seminar with GOG MCF/SHADE from 10-11 May 2022:  A delegation from High Commission with DA and two Naval officers from Delhi, took part in the Gulf of Guinea Maritime Collaboration Forum – SHADE (GOG MCF/SHADE). A seminar took place in Abuja on 10-11 May. The Indian delegation highlighted the importance of the region for India and reiterated its support for curbing piracy in GOG.

79.    EXIM BANK virtual meeting on 12 May 2022 on the ongoing Kaduna LOC of USD 100mn Project: Deputy High Commissioner participated at the EXIM BANK webinar and discussed opportunities for trade finance between both countries and a brief review on the ongoing Kaduna LOC of USD 100mn Project in Nigeria on 12 May 2022.

80.    Nigeria-India Virtual Business-to-Business Meeting Between LCCI and APEDA on Wheat held on 10 May 2022: Lagos Chamber of Commerce and Industry in collaboration with India High Commission in Abuja and the Agricultural and Processed Food Products Export Development Authority (APEDA), Export Development Authority of India hosted the Nigeria-India Business-to-business meeting on Wheat on 10 May 2022. The meeting was held in the virtual mode and was attended by over 75 participants in attendance. The event was attended by Deputy High Commissioner, Dr M Angamuthu, The Chairman APEDA, Dr Tarun Bajaj, Director APEDA, Mrs Vinita Sudhanshu, DGM APEDA, Mrs Adetutu Oluremi Ososanya, Permanent Secretary in Ministry of Commerce, Industry and Cooperatives Lagos State, Mr Adegboye Adebisi, Representative of the Permanent Secretary, Ministry of Agriculture Lagos State. We also had representatives of BUA Foods Nigeria, Olam Nigeria, Flour Mills of Nigeria, Dufil Prima Foods Nigeria, Premium Beadmakers Association of Nigeria, and other importers of wheat in Nigeria. The Meeting was successful and of great impact as the suppliers gave a presentation on their individual produce in India. The Nigerian participants interacted with the suppliers for a better understanding of wheat produced in India, as well as its quality, and further discussions, have commenced as the e-Catalogue which was presented during the meeting has been sent to all participants from Nigeria. The Nigerian importers have been made to understand that the suppliers are verified and can be trusted for business transactions.
81.    Virtual meeting with NAFDAC on 20 May 2022: Deputy High Commissioner attended the NAFDAC meeting with the Director General in virtual mode, on unapproved change of formulations and products pack design on 20 May 2022. Issues regarding observations on increasing cases of unapproved change of formulations and package design and improvement of the same were discussed.

82.    Virtual meeting with M/s Transrail on 20 May 2022:  On 20 May 2022 Deputy High Commissioner met Mr Uday Patil, General Manager (Projects) of M/s Transrail Lighting Ltd a leading EPC company based in India and business cooperation between both countries were discussed in areas including transmission, Construction, Railway and Lighting.

83.    Unveiling FIEO’s Indian Business Portal on 27 May 2022: Deputy High Commissioner attended FIEO’s unveiling of the initiative titled “Indian Business Portal'' an International Trade Hub for SME exporters to identify new markets for their products and grow their sales with new buyers, in virtual mode on 27 May 2022. Hon’ble Minister of State for Commerce, Ministry of Commerce & Industry, Smt Anupriya Patel was present at the ceremony to inaugurate the Platform.

84.    Handloom Export Promotion Council of India (HEPC) & HCI & LCCI B2B engagements on 8th August 2022: To commemorate National Handloom Day, High Commission of India in Abuja and Handloom Export Promotion Council of India (HEPC) India brought together 47 Nigerian importers and many Indian exporters on a B2B VC held on 08 Aug 22. The event saw an excellent Interaction between Indian and Nigerian businesses at the handloom, textiles & cotton manufacturers, and buyers. National Handloom Day is celebrated on the 7th of August every year to honour the handloom weavers and highlight India's handloom industry. India Handloom brand endorses the quality of Indian handloom products with regard to material, processing, and environmental standards for a defect-free handwoven authentic niche product.

85.    Virtual SEPC’s Hospitality and Tourism Conclave 2022 on 09 September 2022: Services and Export Promotion Council (SEPC) organized a Hospitality and Tourism Conclave on 09 September 2022 at Taj Palace, Sardar Patel Marg in New Delhi. The event was graced by Chief Guest Hon’ble Shri Arvind Singh, IAS, Secretary, Ministry of Tourism, Government of India. High Commissioner gave a video message on the opportunities and challenges in sectors of hospitality and tourism in Nigeria and the growing bilateral cooperation between both countries and commended the organizers for putting together a successful event.

86.    Virtual meeting with Plastics Export Promotion Council (PLEXCONCIL) On 22 September 2022: High Commissioner interacted virtually with Plexconcil and Indian exporters on 22 September 2022 and discussed ways and means to promote Indo-Nigerian partnership in the Plastics sector.

87.    Virtual meeting with Indian Ambassadors posted in millet-consuming countries to be held under the Chairmanship of Secretary, DA&FW to discuss the activities related to millets in view of the International Year of Millets (IYoM)-2023 on 26 September 2022: High Commissioner interacted with other Indian Heads of Mission of millet-consuming nations and discussed ways and avenues to promote and increase India millet exports to the world under the Chairmanship of Secretary, DA&FW on 26 September 2022.

88.    ICC Electrical and Power equipment Fair 2022 Virtual Expo - Africa Export Opportunities for Indian Electrical, Power & Renewable Energy Sector Companies on 31 October 2022: Second Secretary (Commerce) attended the virtual meeting and discussed the opportunities and avenues for mutual collaboration with the participants.

89.    Virtual meeting with Air Peace Officials on Air Peace Corporate Partnership on 04 October 2022: Deputy High Commissioner and First Secretary (Political) attended a virtual meeting with M/s Air Peace Officials and discussed areas of cooperation in flights routes and air travel partnership between both countries.


As on 30 November 2022