Indian companies invest $19 billion in Nigeria in 40 years - Pegars News | Pegars News

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Indian companies invest $19 billion in Nigeria in 40 years – Pegars News

Indian companies invest $19 billion in Nigeria in 40 years

The Indian authorities disclosed that Indian companies working in Nigeria have invested the sum of $19 billion over the previous 4 a long time.

This was disclosed by the Indian High Commissioner to Nigeria, Shri G. Balasubramanian, in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

He added that the quantity comes from over 135 Indian companies working in Nigeria over the interval.

Good relations: Shri G. Balasubramanian famous that the relationship between India and Nigeria had been wonderful citing India’s plans to deepen cultural programme exchanges between each nations.

He famous India and Nigeria may cooperate via info sharing, and information networks, amongst different issues.

  • “The cultural relations, the connection between our folks is actually good and with your help, I will actually like to strengthen this tie.

$19 billion in 4 a long time: He added that most of the companies working in Nigeria are primarily based in Lagos state elevating $19 billion in 40 years.

  • “There are over 135 Indian companies, which have invested about $ 19 billion in Nigeria over a interval of years, not in one 12 months, but for the previous 4 a long time.
  • “Most of them are in Lagos, they are in each half of Nigeria and are in the manufacturing sector of the financial system, metal, oil and fuel or prescription drugs.
  • “Three billion {dollars} of that is in prescription drugs manufactured in Nigeria by Indian companies; there is a robust relationship we have in prescription drugs and different enterprise actions.

Indian Community: He additionally famous that Nigeria is dwelling to 60,000 Indian nationals over the interval, including that Nigeria’s invitation as a visitor participant to the G20 Summit scheduled for 2023 in India would kind a singular alternative to showcase the precedence of growing nations to the world.

  • “Nigeria is home to about 60, 000 Indians who are living and who have made Nigeria their home literally, for the past four decades.”

What you ought to know

Trade between Nigeria and India has strengthened over the years, ensuing in a good quantity of Indian companies establishing their presence in Nigeria.

The Bilateral commerce quantity between Nigeria and India has reached $15 billion for the monetary interval 2021-2022, representing an improve of 69.80%.

Nairametrics stories that the six largest Indian Companies working in Nigeria are TATA Africa Services (Nigeria), Dana Group, Artee Group, MeCure Healthcare, Dufil Prima (*40*) and Chi Limited

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