Nigeria to discuss trade ties with India

Seeking to strengthen bilateral trade relations, Nigeria is keen to welcome foreign investments from India, enhance cooperation in field of information technology and export of non-oil and gas products, a senior Nigerian official has said.      

"As part of new reforms in our country, foreign investors willing to invest in the country are at liberty to repatriate their dividend and capital whenever they wish and the minister would have to get this message across to the Indian business community,"  Emeka Omeihe Special Assistant on Media to Nigerian Commerce Minister has said. 

Commenting on Nigerian Minister of Commerce and Industry, Achike Udenwa's visit to India, Omeihe told reporters, "He (Udenwa) will use the opportunity to meet with Indian Commerce Minister, Anand Sharma and members of the organised private sector."     

"He will also meet with selected industrialists and discuss how to attract foreign direct participation in Nigerian economy," Omeihe said adding that there is need to assure them that Nigeria has a conducive environment for investment.     

Udenwa will discuss the need for increased production and export of non-oil and gas products that will lead to wealth and job creation, poverty reduction and ensure enhanced service delivery to stimulate the growth of Nigeria's economy.

On IT co-operation, Omeihe said, India with its advanced technology in this field can help Nigeria.     

The minister would encourage Indian companies to invest and expand Nigeria's mining and development of coal, gold, iron ore, chrome ore, lead and other mineral resources, Omeihe said adding that foreign entrepreneurs can have full ownership of any business in Nigeria.     

"As part of new reforms in our country, foreign investors willing to invest in the country are at liberty to repatriate their dividend and capital whenever they wish and the minister would have to get this message across to the Indian business community," Omeihe said.     

Trade between Nigeria and India stood at $8 billion in 2007, thereby making Nigeria the biggest trading partner of India in Africa.     

In 2008, the figure surged to $10 billion. The second quarter of this year forecasts a better prospect with figure standing at $1.2 billion. 

Udenwa, joins fellow trade ministers from other parts of the world on a renewed move to kick start the crucial round of WTO talks in New Delhi this week.