India Nigeria Finalise Local Currency Settlement System Agreement Soon
Summit and Conference
4 min read
India and Nigeria have agreed to an early conclusion of the Local Currency Settlement System Agreement to boost bilateral trade between the two countries. Under the local currency settlement system, the trade will be settled in India's local currency and Nigerian local currency, Nigerian naira. This was decided at the 2nd session of the India-Nigeria Joint Trade Committee held in Abuja, Nigeria.
2nd Session of India-Nigeria Joint Trade Committee
The second session of the India-Nigeria Joint Trade Committee was held in the Nigerian capital city of Abuja. The Indian delegation was led by Amardeep Singh Bhatia, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry.
Officials from the Reserve Bank of India (RBI), EXIM Bank of India, and the National Payments Corporation of India (NPCI) also accompanied the Indian delegation.
The meeting was held in Abuja from 29 to 30 April 2024. Both sides identified a number of areas where the two countries would focus on boosting trade between them.
Areas of future cooperation
Both countries agreed to resolve the market access issues.
They also agreed to further cooperation in key sectors such as Crude oil and Natural Gas, Pharmaceuticals, the Unified Payments Interface (UPI), the Power Sector and Renewable Energy, Agriculture and Food Processing, Education, Transport, Railway, Aviation, MSMEs, Development, etc.
In an effort to bolster bilateral trade, India and Nigeria expressed their commitment to expeditiously addressing all issues impeding it and facilitating trade promotion between the two nations.
India Nigeria Ties
India and Nigeria enjoy close political and economic ties. India established a Diplomatic House in Lagos, Nigeria, in November 1958; even before Nigeria gained independence, Nigeria gained independence from Britain in 1960.
Prime Minister Pandit Jawaharlal Nehru was the first prime minister of India to visit Nigeria in September 1962.
Two Nigerian Presidents have been the chief guests at the Republic Day celebration: President Shehu Shagari in 1983 and President Olusegun Obasanjo in 2000.
Nigeria is the 2nd largest trading partner of India in the African continent.
The bilateral trade between the two countries was USD 11.8 billion in 2022-23.
Indian companies have invested around USD 27 billion in Nigeria, primarily in infrastructure, manufacturing, consumer goods, and services.
Republic of Nigeria
Nigeria is located on the western coast of Africa. It derives its name from the Niger River.
Nigeria is one of the largest economies in Africa. It is a major oil exporting country and has been a member of the oil-producing cartel OPEC(Organisation of Petroleum Exporting Countries) since 1971.
Capital: Abuja
Currency: Nigeria Naira
President: Bola Tinubu
