India and Nigeria agreed to enhance cooperation in energy and Local currency settlement.
India and Nigeria have identified areas like crude oil, natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement system, and power sector to enhance cooperation.
They also agreed on the early conclusion of the Local Currency Settlement System Agreement.
A seven-member delegation from India discussed issues related to cooperation during its recent visit to Nigeria.
In this discussion, the Indian delegation was led by Additional Secretary, Department of Commerce, Amardeep Singh Bhatia.
Indian delegation consisted of officials from the Reserve Bank of India (RBI), EXIM Bank of India and National Payments Corporation of India (NPCI).
Nigeria is the second largest trading partner of India in the Africa region.
India and Nigeria’s bilateral trade has declined from $11.8 billion in 2022-23 to $7.89 billion in 2023-24.
Around 135 Indian companies are actively working in Nigeria with an investment of $27 billion.
