BUSINESS AND ECONOMYINTERNATIONAL

Abuja Chamber President calls for a rejigged Nigeria-India economic relations

Lubem Gena

The President of Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode has called for a refocused economic ties between Nigeria and India.

Prince Kayode who bared his mind today while speaking as a panelist at the webinar meeting tagged: “India – Nigeria Business Promotion, Challenges and Opportunities – Post Covid19” also maintained that, in a rejigged relationship, win-win situation should be the watchword.

“We have enjoyed a good economic relations with Nigeria and it is estimated that $10b investment in the development of the Nigeria economy which are channeled into development and commercial banks.

“The Covid-19 disease pandemic has impacted negatively on the relationship between the two countries especially in one of the key areas where Nigerians travel to India, which is medical tourism.

“Some of us attended schools that Indians were teachers. For us to move forward, we need to rejig the already existing obsolete 1973 Trade Agreement between Nigeria and India. In doing so, we have to bear in mind that Nigeria has several more areas that it can do business with India.

“Nigeria is ready to use Indian technology. India should also help Nigeria to diversify its economy into agriculture, mining, manufacturing amongst others”, Prince Kayode stated.

He recalled that in his participation in Great Gujarat gathering in 2019, it was discovered that several Indian companies are rather using Indian firms in Nigeria to carry out activities in a manner that tend to undermine local legislations particularly in the area of trading in retail and distribution services.

On the challenges in the trade relations, he pointed out that the absence of Indian manufacturing hubs in Africa in general and Nigeria is particular as well as intrusion into local businesses bothering on retailership and distribution services needs to be addressed to strengthen the ties.

Earlier in his remark, the Indian High Commissioner to Nigeria, His Excellency Abbay Thakur reminded participants that Nigeria is one of Indias biggest trading partner for several years.

He highlighted on some of the activities of Indian companies in Nigeria in several sectors cutting across agriculture, power, technology, automobile, health and pharmaceuticals, among others.

Participants and all speakers unanimously expressed the desire to actively participate in activities, functions and programs that will ensure the sustainability of the already existing cordial relationship.

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