Indian companies invest $19 billion in Nigeria in 40 years

The Indian government disclosed that Indian companies operating in Nigeria have invested the sum of $19 billion over the past 4 decades.

This was disclosed by the Indian High Commissioner to Nigeria, Shri G. Balasubramanian, in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

He added that the amount comes from over 135 Indian companies operating in Nigeria over the period.

Good relations: Shri G. Balasubramanian noted that the relationship between India and Nigeria had been excellent citing India’s plans to deepen cultural programme exchanges between both countries.

He noted India and Nigeria could cooperate through information sharing, and news networks, among other things.

• “The cultural relations, the connection between our people is really good and with your assistance, I will certainly like to strengthen this tie.

$19 billion in 4 decades: He added that most of the companies operating in Nigeria are based in Lagos state raising $19 billion in 40 years.

• “There are over 135 Indian companies, which have invested about $ 19 billion in Nigeria over a period of years, not in one year, but for the past four decades.
• “Most of them are in Lagos, they are in every part of Nigeria and are in the manufacturing sector of the economy, steel, oil and gas or pharmaceuticals.
• “Three billion dollars of that is in pharmaceuticals manufactured in Nigeria by Indian companies; there is a strong relationship we have in pharmaceuticals and other business activities.

Indian Community: He also noted that Nigeria is home to 60,000 Indian nationals over the period, adding that Nigeria’s invitation as a guest participant to the G20 Summit scheduled for 2023 in India would form a unique opportunity to showcase the priority of developing countries to the world.

• “Nigeria is home to about 60, 000 Indians who are living and who have made Nigeria their home literally, for the past four decades.”

What you should know

Trade between Nigeria and India has strengthened over the years, resulting in a good number of Indian companies establishing their presence in Nigeria.

The Bilateral trade volume between Nigeria and India has reached $15 billion for the financial period 2021-2022, representing an increase of 69.80%.

Nairametrics reports that the six largest Indian Companies operating in Nigeria are TATA Africa Services (Nigeria), Dana Group, Artee Group, MeCure Healthcare, Dufil Prima Foods and Chi Limited