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India – Nigeria Local Currency Settlement System Agreement: India and Nigeria are on the verge of finalizing a Local Currency Settlement System Agreement aimed at bolstering bilateral trade relations. The agreement, to be conducted in Indian rupees and Nigerian naira, was discussed during the 2nd session of the India and Nigeria Joint Trade Committee held in Abuja.
Key Points From The 2nd Session
Delegation and Participants: The Indian delegation, led by Amardeep Singh Bhatia, comprised officials from the Reserve Bank of India (RBI), EXIM Bank, and the National Payments Corporation of India (NPCI). The session focused on identifying strategies to enhance trade cooperation between the two nations.
Areas of Cooperation: Both India and Nigeria targeted resolving market access issues and fostering collaboration across various sectors including crude oil, pharmaceuticals, Unified Payments Interface (UPI), renewable energy, agriculture, education, transport, and MSMEs.
India and Nigeria Relations
India and Nigeria share a longstanding relationship dating back to the establishment of India’s Diplomatic House in Lagos in 1958. Notable visits, including Prime Minister Nehru’s trip in 1962, underscore the depth of the bilateral ties. Nigeria holds the position of India’s 2nd largest trading partner in Africa, with Bilateral Trade Relations reaching USD 11.8 billion in 2022-23. Indian investment in Nigeria, totaling approximately USD 27 billion, primarily focuses on infrastructure and manufacturing sectors.
About Nigeria
Nigeria, located on Africa’s western coast, boasts a significant economy driven by its oil exports. As an OPEC member since 1971, Nigeria plays a pivotal role in the global oil market. Abuja serves as its capital, and the Nigerian naira is its official currency. Bola Tinubu currently holds the presidency.
Discussion Highlights
During the recent visit of a seven-member delegation from India to Nigeria, led by Additional Secretary, Department of Commerce, Amardeep Singh Bhatia, key issues were deliberated upon. The Indian delegation, comprising officials from RBI, EXIM Bank, and NPCI, engaged in discussions covering market access challenges and cooperation in crucial sectors such as crude oil, natural gas, pharmaceuticals, UPI, local currency settlement system, power sector, renewable energy, agriculture, education, transport, railway, aviation, and MSMEs.
Conclusion
The impending Local Currency Settlement System Agreement between India and Nigeria marks a significant step towards strengthening bilateral trade relations. With both nations committed to resolving market access issues and fostering collaboration across various sectors, the future of their economic relationship looks promising. As India continues to be a key partner for Nigeria’s development, the successful implementation of this agreement will further deepen their economic cooperation and mutual prosperity.
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