The unexplored African continent offers abundant opportunities. It is just skill and contacts that are needed to tap the resources. Taking a step in that direction, Associated Chambers of Commerce & Industry of India (ASSOCHAM) has launched its offices in Nigeria.
The bilateral trade between India and Nigeria was USD 12.8 billion last year. India imports 25 per cent of all crude oil export from Nigeria. The annual trade between India and Africa stood at US$ 75 billion in 2015, making India the third largest trading partner of Africa.
India’s major trade commodity with Nigeria is still oil. The Nigerian Chamber of Commerce wished that this imbalance would change. Nigeria is a preferred partner in energy security and its concerns are similar to India in the sectors of security, transparency, employment and diversifying the economy into manufacturing and agriculture.