India plans to step up investment to Nigeria

India is betting on Africa’s rise and is planning to invest 30 billion US dollars in the oil rich west African state of

Nigeria. The  rebalancing and the multi polarity of the world will not be complete until the African continent takes its

due share of the world trade external affairs minister S Jaishankar said

Addressing the Nigeria-India Business Council (NIBC) here, the minister said the rebalancing and reordering of a new global order will only happen “when the core of it is economic … which is the rise of Africa has to be the economic rise of Africa.”

Noting that there is about 13 to 15 billion US dollars worth of trade annually between India and Nigeria and New Delhi has committed nearly 30 billion US dollars in investment in the country, Jaishankar said Nigeria is India’s premier economic partner in Africa.

“India’s exports in the year that has just been completed was 766 billion US dollars…and I’m sure, you would surely like, (that) a larger part of that share to come to Nigeria.”

Mr, Jaishankar co-chaired the Nigeria-India Joint Commission (NIJC) meeting, addressed two business forum meetings, addressed a Nigerian think tank. “Noted the expansion of our economic cooperation, especially trade and investment. Discussed new opportunities in energy, power, renewables, transport, healthcare, fintech, agriculture and security,” Jaishankar had said in a post on X after the Joint Commission meeting.