India, Nigeria set for Local Currency Settlement System Agreement
Nigeria and India are on course to formalise an agreement on Local Currency Settlement System with a view to strengthening bilateral economic ties.
Details of the agreement were discussed at the just concluded second session of the India-Nigeria Joint Trade Committee held in Abuja which also focused on digital economy and Digital Public Infrastructure, crude oil and natural gas and pharmaceuticals.
Both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion.
They also identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments, including resolving of market access issues and cooperation in key sectors such as crude oil and natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement system, power sector and renewable energy, agriculture and food processing, education, transport, railway, aviation, MSMEs development.
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“Both sides agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties,” they said in a communique.
The JTC was co-chaired by Permanent Secretary, Federal Ministry of Industry Trade and Investment, Nigeria, Ambassador Nura Abba Rimi; and Additional Secretary, Department of Commerce and Additional Secretary, India Department of Commerce, Ministry of Commerce and Industry, AmardeepSingh Bhatia.
Nigeria is a major partner- the second largest trading partner of India in Africa region. Bilateral trade between India and Nigeria stood at USD 11.8 billion in 2022-23. In the year 2023-24, the bilateral trade stands at 7.89 billion showing a declining trend.
With a total investment of USD 27 billion, approximately 135 Indian companies are actively engaged in Nigeria’s vibrant market. These investments traverse diverse sectors, encompassing infrastructure, manufacturing, consumer goods and services.
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