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Nigeria, India trade hits $643.3 bn in one year

The Indian High Commission has said that the total trade between Nigeria and India in the past one year has hit $643.3 billion

Head of Chancery at the High Commission of Indian, Lagos, Mr. Jagdeep Kapoor, made this known at the Indian products and services exhibition held in Lagos.

He said, “India as we know, is Nigeria’s largest trading partner.  Total trade between the two countries in the financial year 2015 to 2016 was $643.3 billion.

“Crude oil is the largest item exported from Nigeria to India, while Vehicles, pharmaceutical products and machinery have been the largest items exported from India to Nigeria.”
“India exported about $419 million worth of vehicles including parts and accessories to Nigeria between 2015 and 2016 financial year.  Similarly about 393 million dollars worth of pharmaceuticals were exported from India to Nigeria and roughly 267 million dollars worth of machinery and appliances,” he said.

He also said that, “Telecom, hospitals, education, insurance and banking occupy the leading positions in the services sector.”

This year the plan is to consolidate on what we are already exporting to Nigeria and maybe next year we will diversify into other fields like software, hospitality, construction and entertainment.