The Indian High Commissioner to Nigeria, Gangadharan Balasubramanian, has revealed that approximately 150 Indian companies have invested more than US$27 billion in Nigeria over the last four decades.
Balasubramanian disclosed his address at the 75th Republic Day of India anniversary celebration, which was organised by the Indian mission on Friday night in Abuja, noting that India remains interested in investing more in Nigeria.
While describing relations between India and Nigeria as excellent, the envoy stated that India will continue to play a significant role and contribute to global good and that the recently concluded Indian Presidency of the G20 demonstrated the country’s readiness to effectively play a global role.
He stated that India stands shoulder to shoulder with its Nigerian friends on the development path and that the Indian government is committed to strengthening such ties.
Balasubramanian also stated that “India and Nigeria have strong and historic relations. Our bilateral relations, which date back to before Nigeria’s independence, have been nurtured by both countries’ leaderships.
“Our economic and trade relationships are strong and growing. Currently, nearly 150 Indian companies with a total investment of 27 billion dollars are operating in Nigeria, primarily in the manufacturing sector, and employ the most people after the federal government.
He stated, “Due to the special relationship, India had invited Nigeria as a Guest Country during her presidency of the G20. We had a memorable visit from President Bola Tinubu to the G20 Summit in September 2023, which strengthened the bonds even more.
“Of the 14 billion dollars promised during this visit as an investment into the Nigerian economy, 7 billion dollars were signed immediately after the visit.”
The envoy reaffirmed his country’s commitment to strengthening India-Nigeria ties in light of India External Affairs Minister Dr. Subrahmanyan Jaishankar’s recent visit to Nigeria for a Joint Commission meeting.
The envoy attributed his country’s progress to the implementation of its 1950 Constitution, stating that India has become one of the fastest-growing emerging economies since the turn of the century.
He stated, “Today, with over 3.7 trillion dollars in GDP, her economy is the world’s fifth largest. Education, health, and economic development have been consistent goals of successive Indian governments, resulting in an overall improvement in the standard of living for Indian citizens.
“We run one of the world’s largest health insurance schemes, made education a fundamental right, continue with the largest welfare initiative in providing food grains to a significant proportion of Indian citizens, increased people’s earning capacity, and provided equal opportunities to all.
“To name a few, we have developed schemes to help the vulnerable and promote gender equality, as well as passed legislation that provides 33% reservation for women in parliament.
“We have been providing scholarships for a large number of short-term courses to people all over the world through the Indian Technical and Economic Partnership since 1964.
“We have become a significant development partner through Lines of Credit and Grants-in-Aid to the global south, which now total 39 billion dollars, including more than 12 billion dollars to Africa,” he said.
Also speaking at the event, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, who was represented by Ambassador Alex Kefas, Director of Europe and Regions in the ministry, stated that Nigeria and India have had cordial and friendly relations since 1958.
According to him, the two countries have a deep bond that is strengthened by their shared struggle for independence, which served as the foundation for their partnership.
“The economic relationship between Nigeria and India has improved significantly in recent years. The volume of trade between the two countries has significantly increased.
“India is now Nigeria’s largest African trading partner, as well as its largest importer of crude oil. Similarly, Nigeria is India’s largest trade partner in Africa.
“Bilateral trade between the two countries in the last two years amounted to approximately 14.95 billion dollars in the formal sector and about USD 5 billion in the informal sector,” Tuggar stated.
He stated that Nigeria will continue to welcome collaboration with India as a means of advancing the friendly relationship between the two countries.
Among those who attended the event were Kaduna State Governor Uba Sani, Mrs. Hannatu Musawa, Minister of Art, Culture, and Creative Economy, Dr. Jamila Ibrahim, Minister of Youth Development, Mrs. Pauline Tallen, former Minister of Women Affairs, and diplomats.
