Nigeria, India vow to strengthen economic ties, agree on crude oil, LNG supply

The Nigerian and Indian governments have pledged to strengthen ties in key areas including economic development, defence, healthcare and food security.

According to a joint statement issued on Sunday at the conclusion of the meeting between President Bola Tinubu and Narendra Modi, Indian prime minister, the two leaders highlighted the vibrant economic relationship between both countries, with India positioned as Nigeria’s largest trading partner and a significant contributor to its economy.

Modi arrived in Abuja on Saturday and was hosted by Tinubu on Sunday.

During their bilateral discussion, the Nigerian government commended the contributions of over 200 Indian companies operating in the country, which have generated substantial employment and investment opportunities.

On trade expansion, both leaders directed their officials to finalise pending agreements.

“These include the Economic Cooperation Agreement (ECA), Double Taxation Avoidance Agreement (DTAA), and the Bilateral Investment Treaty (BIT), to boost trade and investment,” the statement reads.

“The fruitification of some of the investments agreed to by the Indian companies during the visit of President Tinubu to India in September 2023, and committed to facilitating early finalization of the remaining investments.”

In the joint statement, India reaffirmed its commitment to supporting Nigeria’s infrastructure development through concessional lines of credit and technical expertise.

Nigeria and India also agreed on long-term contracts for crude oil and liquified natural gas (LNG) supply and technical support in pipeline transmission security, compressed natural gas (CNG) conversion and liquified petroleum gas (LPG) bottling distribution.

The two leaders also discussed broader collaboration on food security and agriculture, health, education, and cultural exchanges.

On food security, the leaders agreed that it remains a priority for developing countries, especially nations with bigger populations.

“Nigeria thanked India for providing the necessary concessions sought for in the supply of rice at the time of their need,” the statement reads.

“They agreed to enhance collaboration in the area of agriculture from agricultural machinery, high yield seeds to sharing technical expertise, know-how and technologies and agreed to identify ways of cooperation in these areas.

“The Indian side thanked the Nigerian side for supporting the Indian Resolution at the UN to declare 2023 as the International Year of Millets.

“And agreed to increase collaboration between India and Nigeria in the area of Millets.”

On the sidelines of the G20 Leaders’ Summit which was held in September 2023, in New Delhi, Indian investors pledged over $14 billion across critical sectors of the Nigerian economy.

The investments were targeted at the industrialisation, energy, telecommunications, and defence sectors.

INDIA TO DEPLOY OPEN-SOURCE HEALTH MANAGEMENT

Nigeria and India pledged to deepen their collaboration focusing on the establishment of hospitals and diagnostic centres, as well as the deployment of innovative health management systems to improve the healthcare sector.

Both nations acknowledged the ongoing efforts by Indian hospitals operating in Nigeria and highlighted the vast potential for further collaboration to enhance healthcare delivery across the country.

The Indian government offered to share its CoWIN digital platform, an open-source health management infrastructure that has revolutionised vaccination campaigns and health data management in India.

“This system is expected to support Nigeria’s healthcare system by improving the efficiency and accessibility of vaccination programs and other health initiatives,” the statement added.

The Indian government also extended its commitment to supply high-quality generic pharmaceutical products to Nigeria at economical rates under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) scheme.

The scheme is a campaign launched by India’s department of pharmaceuticals to provide quality medicines at affordable prices to the masses.

“The initiative is aimed at making essential medicines more affordable, particularly for vulnerable populations, and supporting Nigerian public hospital procurement processes,” the statement added.

Also, Nigeria and India reaffirmed their commitment to strengthening collaboration on education, and cultural exchanges, and fostering strong people-to-people contacts, building on longstanding historical ties and mutual aspirations.

India was acknowledged as a significant partner in Nigeria’s human resource development through various scholarship programs, including the eVBAB scheme, which facilitates virtual learning opportunities.

Both sides agreed to work together to encourage more Nigerian students to leverage the scholarship programmes.

Tinubu and Modi applauded the vibrant cultural and academic exchanges between the two nations, which have included visits by cultural troupes, participation in film and literary festivals, and other collaborative activities.

They underscored the importance of further widening the exchanges to promote mutual understanding and shared heritage.

Also, Tinubu and Modi agreed to improve collaboration in counterterrorism, maritime security, and intelligence sharing.