India’s External Affairs Minister, Dr Subrahmanyam Jaishankar, made the revelation on Monday, 22 January, 2024, in Abuja at the India-Nigeria Business Forum organised by the Indian High Commission through collaboration with the Confederation of India Industry (CII) business delegation to Nigeria.
The minister, who made his maiden visit to Nigeria, said there is the need for the Business stakeholders to work closely together to improve India-Nigeria businesses and achieve meaningful growth.
Jaishankar said: “We have to keep finding various ways of improving the business enabling climate, there are some banking charges, there could be payment issues, there could be some travel vistas.
“In many cases we have started something but necessarily working, to which there are regulatory challenges, between that could be mutually helpful approach.
“In a way the CII and all businesses can help to solve problems faced by Nigerian partners in India and they in-turn open more doors to us in Nigeria.
“So, we will continue to ease the operation system, motivate business against whatever obstacles, also facilitate and look for new opportunities because there are lots of changes in each country.
“We could harness those business opportunities, a very good example is in the energy sector, it could be in digital field, green energy, I think there are lots of interest in agriculture.”
He promised to build on the mutual relations between Nigeria and India, and also extend such to other parts of Africa.
Jaishankar, who also unveiled the Mahatma Ghandi’s statue at the Indian High Commission in Abuja, said: “For us it is a matter of great fight, because our identity and our bond with Africa that we are displaying to the world.
“I am thankful to all of you for joining us, more than many other countries the Nigerian-Indian community has played very important role in building our relationship and shaping our image.
“So, this will be my one chance to say thank you all for it. But keep contributing to the relationship, keep building the relationship.”
On his part, the High Commissioner of India to Nigeria, Mr Gangandharan Balasubramanian described the India-Nigeria Business Forum as a platform designed to bring together business community across India and Nigeria
.
He said: “I wish all of you the best and hope that this can be very productive and useful meeting for all of you.
“Something that will strengthen the good and favourable relationship between our two countries.”
The Director-General of CII, Chandrajit Banerjee, expressed the industry’s appreciation to the Minister for driving economic engagement through his leadership and guidance towards Nigeria-India trade and investment relationship to new levels.
He said the CII business delegation forum is to further strengthen economic cooperation, explore business and economic opportunities between India and Nigeria.
Banerjee said: “We have representatives from Energy, Pharma, ICT, Financial Institutions, Infrastructure and defense, besides others in the delegation who are seeking to find business partners in Nigeria.
“India is Nigeria’s leading investor. It is informally estimated that there is around 19.3 billion USD of investment by Indian companies in the country and is home to a large Indian community numbering around 50,000.
“Over 135 Indian companies are currently operating in Nigeria, with Indian owned/operated companies estimated to be the second largest employer.
“As the secretariat of the B20, CII had an Action Council on Africa which had strong participation including a Co-Chair from Nigeria. The Council came out with very strategic recommendations including inclusion of the African Union in the G20,” he said.
The director-general disclosed that the Industry has scheduled the next “CII India-Africa” conclave to hold from Aug. 20 to 21, adding that: “we look forward to a strong participation from Nigeria.”
The event attracted Otunba Adele Oye, National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Mr Emeka Obegolu, President, Abuja Chamber of Commerce and Industry (ACCI), prominent individuals in both Indian and Nigerian business communities and government officials from India and Nigeria.
