Trade and commerce take center stage as Indian PM, Modi makes first visit to Nigeria

According to a statement issued by the Prime Minister’s office, Modi will visit Nigeria, Brazil and Guyana on a five-day state visit. Modi is scheduled to be in Nigeria on the November 16 and 17. This visit makes him the fourth Indian prime minister to visit Nigeria and the first to tour the African nation in 17 years.

The statement read “At the invitation of H.E. President Bola Ahmed Tinubu, this will be my first visit to Nigeria, which is our close partner in the West African region. My visit will be an opportunity to build upon our Strategic Partnership that is based on shared belief in democracy and pluralism. I am also eagerly looking forward to meeting the Indian community and friends from Nigeria who have sent me warm welcome messages in Hindi.”

The first Indian PM to visit Nigeria was Jawaharlal Nehru in September 1962, followed by PM Atal Bihari Vajpayee in December 2003, and PM Manmohan Singh in October 2007.

Both nations have over the years, nurtured their relationship through periodic interactions, including important bilateral visits at the level of Heads of State or Government.

Nigeria’s real GDP growth performance has been robust over the past decade, driven by the non-oil sectors, while India has been a significant partner in Nigeria’s economic growth. The visit will therefore accord both countries the opportunity to further strengthen their bilateral trade and commercial relations.

At the forefront of this visit is the Memorandum of Understanding (MoU) recently signed by both countries on November 15, 2024.

The agreements include an MoU on Cultural Exchange, an MoU on Survey Cooperation, and an MoU on Customs Cooperation.

Nigeria’s Permanent Secretary, Ministry of Foreign Affairs, Ambassador Dumoma Umar Ahmed, signed on behalf of Nigeria while India’s Secretary of Economic Relations, Mr Dammu Ravi, signed for India.

According to the Nigerian presidential spokesman, Mr Bayo Onanuga, both leaders would have further talks on strengthening Nigeria and India’s ties based on the MoUs signed earlier.

“Both leaders will exchange signed Memoranda of Understanding to enhance collaboration in critical sectors,” Onanuga posted on X.

The MOUs aim to strengthen the trade relationship between Nigeria and India, which has been strong for many years. Nigeria is a significant trade partner for India, and the country ranks fourth among Nigeria’s non-oil export destinations.

India has been one of Nigeria’s top trading partners, and their bilateral trade volume during the year 2021-22 stood at $14.95 billion while Indian exports to Nigeria during the period 2021-22 stood at $4.66 billion.

Nigeria exports various products like cashew nuts, wood, cotton, pearls, rubber, and gum Arabic to India, while India exports paper and wood products, textiles, plastics, chemicals, machinery, transport equipment, drugs, and pharmaceuticals to Nigeria.

The Indian government has pledged to maintain an open trade relationship with Nigeria and other African countries, removing barriers and making it easier for people to trade. They also plan to support Indian companies that want to invest in Nigeria and the rest of the African continent.