India, Nigeria to finalise Local Currency Settlement System Agreement soon

New Delhi [India], May 3 : India and Nigeria have agreed to an early conclusion of the Local Currency Settlement System Agreement to strengthen bilateral economic ties.

This was decided at the second session of the India-Nigeria Joint Trade Committee held in Abuja which also identified several areas of focus including digital economy and Digital Public Infrastructure, crude oil and natural gas and pharmaceuticals

A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, AmardeepSingh Bhatia, held a Joint Trade Committee (JTC) meeting with their Nigerian counterparts in Abuja on April 29 and 30.

He was accompanied by the High Commissioner of India to Nigeria G Balasubramanian and Economic Adviser, Department of Commerce Priya P Nair.

During the comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion, according to a Commerce Ministry release.

Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include resolving of market access issues and cooperation in key sectors such as crude oil and natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement system, power sector and renewable energy, agriculture and food processing, education, transport, railway, aviation, MSMEs development.

agriculture and food processing, education, transport, railway, aviation, MSMEs development.

“Both sides agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties,” the release said.

Official delegation from India consisted of officials from Reserve Bank of India (RBI), EXIM Bank of India and National Payments Corporation of India (NPCI).

The release said that discussions were held in a cordial and friendly atmosphere and were fruitful.

“There was enthusiastic response towards greater cooperation, addressing pending issues, boosting trade and investment, greater people to people contacts,” the release said.

In a concerted effort to bolster bilateral trade, both sides committed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two nations.

A business delegation led by CII also accompanied the official delegation.

“The deliberations of the second Session of India-Nigeria JTC were cordial and forward-looking, indicative of the amicable and special relations between the two countries,” the release said.

The JTC was co-chaired by Permanent Secretary, Federal Ministry of Industry Trade and Investment, Nigeria, Ambassador Nura Abba Rimi; and Additional Secretary, Department of Commerce.

Nigeria is a major partner- the second largest trading partner of India in Africa region. Bilateral trade between India and Nigeria stood at USD 11.8 billion in 2022-23. In the year 2023-24, the bilateral trade stands at 7.89 billion showing a declining trend.

With a total investment of USD 27 billion, approximately 135 Indian companies are actively engaged in Nigeria’s vibrant market. These investments traverse diverse sectors, encompassing infrastructure, manufacturing, consumer goods and services, the release said.

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