Nigeria’s President Bola Tinubu and Indian Prime Minister, Narendra Modi, have directed their officials to finalise pending bilateral trade agreements between the two countries.
The leaders announced this in a joint statement issued on Sunday in Abuja at the conclusion of the Indian Prime Minister’s state visit to Nigeria at the invitation of President Tinubu.
The agreements include the Economic Cooperation Agreement (ECA), Double Taxation Avoidance Agreement (DTAA), and the Bilateral Investment Treaty (BIT), to boost trade and investment.
According to the statement, it also includes “the fruitification of some of the investments” agreed to by the Indian companies during the visit of President Tinubu to India in September 2023.
The pledged investments
On the sidelines of the G20 Leaders’ Summit held from September 9th-10th, 2023, in New Delhi, the Nigeria-India Presidential Roundtable and Business Conference took place.
During the conference, Indian investors pledged a combined total of over $14 billion across critical sectors of the Nigerian economy.
The investments were targeted at the industrialisation, energy, telecommunications, and defence sectors.
Strengthening ties
On Modi’s visit, both countries also pledged to strengthen ties in key areas including economic development, defence, healthcare and food security, among others.
- Tinubu and Modi went into a tete-a-tete, and later jointly presided over an expanded bilateral and political talks.
- During their bilateral discussion, the two leaders agreed to a greater collaboration in counterterrorism, maritime security, and intelligence sharing.
- With growing threats in the Gulf of Guinea and the Indian Ocean, they also agreed to coordinated actions to safeguard maritime trade routes and combat piracy.
- The two countries pledged to continue regular naval exercises and joint anti-piracy operations in the Gulf of Guinea to safeguard critical maritime routes.
“The leaders reiterated their unequivocal condemnation of terrorism in all its forms and manifestations including the cross-border movement of terrorists and terror financing networks and safe havens.
“They called for zero tolerance to terrorism and expeditious finalisation and adoption of the Comprehensive Convention on International Terrorism in the UN Framework.
“As well as implementation of the UNGA and the UNSC resolutions on countering terrorism and violent extremism.
“It was agreed to enhance cooperation in the area of counter-terrorism,” the joint statement said.
India ready to support Nigeria
Modi reiterated India’s readiness to support Nigeria’s defence modernisation efforts, highlighting India’s emergence as a trusted defence manufacturer.
- Similarly, the two leaders also highlighted the vibrant economic relationship between India and Nigeria, with India positioned as Nigeria’s largest trading partner and a significant contributor to its economy.
- Nigeria commended the contributions of over 200 Indian companies operating in the country, which have generated substantial employment and investment opportunities.
- On infrastructure Development, the joint statement added that India reaffirmed its commitment to supporting Nigeria’s development priorities through concessional Lines of credit and technical expertise.
- On energy, Nigeria and India agreed on long-term contracts for crude oil and LNG supply and technical support in pipeline transmission security, CNG conversion and LPG bottling distribution.
The two leaders also discussed broader collaboration on food security, agriculture, health, education, and cultural exchanges.
Also, on food security, the leaders agreed that it remains a priority for developing countries, especially with bigger populations.
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