After 17 years, an Indian Prime Minister is going to visit the West African country for the first time. PM Modi’s Nigerian visit is considered very important. The reason for this is to increase the trade between the two countries, which has decreased considerably. The trade between the two countries was more than 12 billion dollars in the financial year 2021-22, which came down to about 8 billion dollars in the financial year 2022-23. On the other hand, 135 Indian companies have invested $27 billion.
In such a situation, PM Narendra Modi’s visit to Nigeria becomes even more important. According to the report, PM Modi will try to open investment avenues for Indian companies in Nigeria’s mining, infra and defense sectors. However, the last time the country’s former Prime Minister Manmohan Singh visited Nigeria was in October 2007. Let us try to understand from the figures that how Nigeria has become so important for India and India for Nigeria?
Trade decreased by 47 percent in one year
India is Nigeria’s largest trading partner, and Nigeria is India’s largest trading partner in Africa. According to the report of the Consulate General of India Lagos, the trade between India and Nigeria stood at $ 7.89 billion in the financial year 2023-24. Which was seen at 11.8 billion dollars in the financial year 2022-23. Whereas in the financial year 2021-22, the trade between the two countries had reached 15 billion dollars. This means that trade between India and Nigeria has decreased for two consecutive years. There has been a decline of about 47 percent in both of these. Whereas in the financial year 2020-21, India-Nigeria trade was $8.80 billion, which saw an increase of 66 percent in the next financial year.
The trade between India and Nigeria was like this
| financial year | How much was the turnover (in billion dollars) |
| 2017-18 | 11.75 |
| 2018-19 | 13.89 |
| 2019-20 | 13.82 |
| 2020-21 | 8.80 |
| 2021-22 | 14.95 |
| 2022-23 | 11.8 |
| 2023-24 | 7.89 |
135 companies and 27 billion dollars
On the other hand, many Indian companies have made huge investments in Nigeria. Because of which Nigeria is able to survive in many sectors. According to the report of Consulate General of India Lagos, currently 135 Indian companies are working in Nigeria. Who have made a total investment of 27 billion dollars in the African country. Investments of all these companies have been made in many sectors like infrastructure, manufacturing, consumer goods and services. In such a situation, PM Modi’s Nigerian tour was considered very important.
What is export and import?
However, India sends more goods to Nigeria and imports less. If we talk about exports first, India’s exports to Nigeria include refined petroleum, packaged medicines, motorcycles and bicycles, machinery and instruments, transport equipment, electronic goods and manufacturing of metals. If we talk about goods imported from India, petroleum, crude and products are included. Apart from this, non-ferrous metals, wood and wood products and cashew nuts are also included in the list of imported products.
