India and Nigeria agree to early conclusion of local currency settlement

India and Nigeria are moving towards finalising a local currency settlement system agreement to strengthen the economic ties between the two nations. During the second session of the India-Nigeria Joint Trade Committee (JTC) in Abuja, both nations explored various sectors for collaboration, including crude oil, pharmaceuticals, renewable energy, and MSMEs development.

Several Indian companies are involved in sectors such as telecom, textiles, pharmaceuticals, and automobiles in Nigeria. The agreement aims to promote the use of Indian Rupee and Nigerian Naira for cross-border transactions, facilitating smoother trade between the two countries. Bilateral trade between India and Nigeria reached US$ 11.85 billion in 2022-23, with both countries aiming to improve their economic partnership further. Besides, a senior delegation from the Indian commerce ministry also visited Australia and New Zealand to strengthen trade relations in those regions.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.