Build strong partnership, says Envoy
Indian companies have been urged to focus on the robust telecom sector in Nigeria where a multi-billion-dollar New National Broadband Programme is being implemented.
The call was made by Abhay Thakur, High Commissioner of India in Abuja on 26 May 2020 at an interactive session on “India – Nigeria Business Promotion, Challenges, and Opportunities – Post Covid19”. It was organized by PHD Chamber of Commerce and Industry.
Issues such as the non-recognition of Indian bank’s Letter of Credit by most of the Nigerian banks can be addressed by a strong partnership in the financial sector by both the countries, said Thakur.
He also highlighted the Nigerian companies’ preferences for Indian Machinery and equipment, adding that the exports of such items will bring in a lot of opportunities for the Indians companies, particularly the MSMEs.
The Nigerians prefer Indian products and services for being reasonably priced and for being of good quality.
The envoy singled out distance education, saying it will be a more focused sector due to the spread of the pandemic, and decline is expected in the movements of students from Nigeria to India.
India has been the largest trading partner of Nigeria with over 135 companies registered in the formal sector and an investment of approx. US$10 billion, added Prince Kayode Adetokunbo, President, Abuja Chamber of Commerce and Industry at the session.
“Indian companies have played a very important role, as they are respected locally,” said Adetokunbo, pointing out that the Nigerian government has ensured an equitable business climate for these companies.
The 135 Indian companies operating were the second-largest source of employment in Nigeria, added Sanjay Aggarwal, Senior Vice President, PHD Chamber of Commerce and Industry in his welcome address.
Since petroleum and petroleum products were a major component in the bilateral trade between both the nations, he sought the views of the Indian Mission in Nigeria the future of the trade keeping in view the declining prices and demand of crude oil across the world.
The AYUSH Sector can be an opportunity for trade expansion between India and Nigeria in the future, believes Pradeep Multani, Vice President, PHD Chamber of Commerce and Industry.
The Session, attended by more than 180 Indian and Nigerian industry representatives, included Vivek Agarwala, Chairman, International Affairs Committee for Africa; Nasir Zaidi, Chairman, International Affairs Committee for Gulf, PHD Chamber; Vikram Gera, Co-Chairman, International Affairs Committee for Europe & CIS, PHD Chamber; G L Aggarwal, Co-Chairman, International Affairs Committee for Gulf, PHD Chamber; Dhruv Aggarwal, Co-Chairman, PHD Chamber; Surinder Kalra, Co-Chairman, International Affairs Committee for Gulf, PHD Chamber; Sushil Gupta, Chairman & Managing Director, Atlas Group; Mira Mathews, Director, Tashikka Expositions and senior Industry Stalwarts. fiinews.com
