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Indian businesses set to make big pitch in Nigeria

IANS  |  Accra 

With increasing its and investment in over the past few years, a exhibition involving the participation of some 200 firms from will be an opportunity for the country to catch up.

China's with was $11.2 billion over the first 10 months of last year -- against India's $9.4 billion.

The (TPCI) says the "Source Nigeria" exhibition, from March 27 to 29, is an opportunity for holding buyer-seller meetings and is expected to see about 3,000 trade visitors from and neighbouring countries in the West region.

Its focus is on "cost-effective promotion of Indian exporters in Nigeria and to facilitate direct access to potential buyers and influential decision-makers", a TPCI said.

Past editions of the "Source India" shows have been organised in and The TPCI is hopeful that the exhibition will help Indian businesses tap into Nigeria, Africa's biggest with more than $500 billion nominal Gross Domestic Product (GDP).

TPCI pointed out that in 2016, Nigeria's imports from around the totalled $30 billion. The products imported and equipment, automotive parts, cereals, and

"India's exports to Nigeria have touched $1.74 billion, with the main products being and equipment, automotive parts, cereals, and "Thus, there is huge potential for Indian exporters to explore Nigeria in a multiple-product segment," the TPCI added.

The exhibition is taking place at a time the of the Chinese Embassy in Nigeria, Zhao Linxiang, has said bilateral trade between the two countries hit $11.2 billion during the first 10 months of last year -- a growth of 28.5 per cent.

In addition to trade, is said to have invested about $2.7 billion in the country, with of Statistics figures showing Chinese investment in at $38.58 million. This is an improvement of about 4.6 times the figure for 2016.

Last November, the signed a $5.79 billion agreement with three companies for constructing the 3,050 MW Mambilla Hydro Project located in Taraba State, a project supported by the Exim Bank. The Chinese have also been running training programmes in Nigeria over the past decade.

India is also supporting Nigeria with infrastructural projects facilitated by $100 million in Letters of Credit (LoC). The projects are in the power sector, including and rural electrification, in the states of Kaduna, Cross River and Enugu.

The Indian in Abuja, B.N. Reddy, has said India is also providing training through the Indian Technical and Economic Cooperation (ITEC) programme, which has seen several Nigerians being trained in India. Two hundred training slots were provided in the 2015-16 fiscal, with the figure shooting up to 300 during 2017-18.

This apart, India is Nigeria's largest source of pharmaceuticals, meeting over a third of the country's demand. So far, about 30 Indian or India-linked companies are active in importing or in Nigeria.

"During 2014-15, India's pharma exports reached $414 million against $382 million during 2013-14 -- an increase of eight per cent. This slightly increased to $428.52 million in 2015-16," the said.

There is thus potential and India should strive to top the league of nations trading with the West African country, a senior Nigerian said.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 15 2018. 11:34 IST