January 20, 2025 04:02 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Kolkata court sentences convict Sanjoy Roy to life imprisonment in RG Kar rape-murder case | Supreme Court stays proceedings against Rahul Gandhi in defamation case over remarks against Amit Shah and BJP | Invasion of our borders will come to a halt: Donald Trump promises crackdown on immigration ahead of inauguration | Kolkata court convicts civic volunteer Sanjoy Roy in RG Kar rape-murder case | Saif was stabbed repeatedly, he tried to protect Taimur and Jeh: Kareena Kapoor Khan records statement with police | Escaped death by 20-25 minutes: Sheikh Hasina alleges opposition wanted to kill her | Cabinet's decision on 8th Pay Commission will improve quality of life, give boost to consumption: PM Modi | 'It has been an incredibly challenging day': Kareena Kapoor Khan requests privacy after Saif Ali Khan's stabbing incident | 'Distorting history': Mamata slams Mohan Bhagwat over his Ram Temple consecration 'marking true independence' remark | Saif Ali Khan stabbing incident: Actor who received six wounds is out of danger, one accused identified
India-Nigeria
Photo Courtesy: PIB

India, Nigeria to finalise Local Currency Settlement System Agreement soon

| @indiablooms | May 04, 2024, at 11:13 pm

A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry,  AmardeepSingh Bhatia, accompanied by High Commissioner of India to Federal Republic of Nigeria, G Balasubramanian and Economic Adviser, Department of Commerce, Priya P. Nair held a Joint Trade Committee (JTC) meeting with their Nigerian counterparts in Abuja late last month when both sides undertook a detailed review of recent developments in bilateral trade and investment ties.

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.

In a statement, the Indian government said: "In a 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."

"To this effect, 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 of both sides, 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 & Food Processing, Education, Transport, Railway, Aviation, MSMEs, Development etc. Both sides agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties," the statement 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 officials of both sides actively engaged in the proceedings of the JTC.

"The discussions were held in a cordial and friendly atmosphere and were fruitful," the statement said.

There was enthusiastic response towards greater cooperation, addressing pending issues, boosting trade and investment, greater people to people contacts.

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 comprising representatives from various sectors like power, fintech, telecommunications, electrical machinery, pharmaceuticals, etc.

The deliberations of the 2nd Session of India-Nigeria JTC were cordial and forward-looking, indicative of the amicable and special relations between the two countries.

Nigeria is a major partner- the 2nd 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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu