By IANS,
New Delhi : Trade between India and Nigeria is expected to reach $12 billion in the 2010-11 fiscal, the commerce ministry said Wednesday.
Commerce Minister Anand Sharma held talks with Nigerian Foreign Minister Odein Ajumogobia, who arrived here Tuesday on a three-day visit.
According to Sharma, bilateral trade had gone up 61.65 percent in 2010 as compared to 2009.
The two sides discussed the need for an early conclusion of the bilateral investment promotion and protection agreement.
“The complementarities of Nigerian and Indian economies need to be harnessed for more extensive bilateral engagement,” said Sharma.
Sharma told the Nigerian minister that Indian companies were keen to invest in sectors such as power and petroleum.
India has made about $5 billion worth of investments in Nigeria in 2010, while the total Nigerian investments in India was about $6.49 billion from 2000 to 2010.
Nigeria is also India’s largest trading partner in Africa as well as the biggest market for Indian goods in the continent.
Ajumogobia is in India for the fifth session of the India-Nigeria Joint Commission to review bilateral developments and chalk out strategies to expand bilateral ties.