Nigerian commerce minister to visit India

Last Updated: Monday, August 3, 2009 - 08:42

Abuja: Nigeria`s Commerce Minister Chief
Achike Udenwa will lead a delegation to India in September in
a bid to strengthen economic ties and encourage investment in
diverse areas of the West African country`s economy.

Udenwa tied his upcoming visit to new expectations by
Nigeria in terms of commerce and trade with India.

"Today the face of commerce is changing and Nigeria is
also changing her priorities on what we really expect from
India. We are expecting the importation to Nigeria of mainly
capital goods and not just the usual consumable," he told the
visiting members of the Confederation of Indian Industries
(CII) during a reception organised by High Commissioner of
India to Nigeria Mahesh Sachdev in Lagos.

According to him, the current need is to have more of
Nigerian non-oil exports going into India.

"I am sure with this type of development, Nigeria and
India will strengthen their already very good relationship. I
remember when we did the indigenization decree in 1972 to 1976
there were quite a lot of Indian products in Nigeria and that
changed from just trading to the establishment of cottage
industry," he said adding that the Indian business community
should continue investing in diverse area like manufacturing
and also move into solid minerals.

He explained that gold, copper, phosphate, lime stones
and variety of solid minerals are available in some parts of
Nigeria for investors to put their expertise in.

He also encouraged the investors to take advantage of the
agricultural sector where the climatic conditions will be
amenable to their endeavours pointing out that the two
countries have many food crops in common which would make it
easier for investment in the sector.

The high-powered CII delegation brought together business
and industry CEOs delegation to Nigeria and held their
India-Africa Conclave which will continue till August 4.

CII is an influential industry organisation which has
been committed to development of trade and investment
relationships with Africa.

Bureau Report

First Published: Monday, August 3, 2009 - 08:42

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