The Nigerian President, Bola Tinubu, and Indian Prime Minister, Narendra Modi, have directed all relevant ministries, departments and parastatals (MDAs) and officials in the two countries to finalise all pending bilateral trade agreements with a view to facilitating the implementation for improved bilateral trade and investments between the two countries.
The two leaders gave the directive in a joint statement issued on Sunday at the conclusion of the Indian Prime Minister’s state visit to Nigeria on the invitation of President Tinubu.
Specifically, the affected pacts include the Economic Cooperation Agreement (ECA), Double Taxation Avoidance Agreement (DTAA), and the Bilateral Investment Treaty (BIT); as well as “the fruitification of some of the investments” agreed to by the Indian companies during the G20 Leaders’ Summit in September 2023.
On the sidelines of the forum held on September 9th-10th, in New Delhi, the Nigeria-India Presidential Roundtable and Business Conference was held during which some Indian investors pledged over $14 billion investments across critical sectors of the Nigerian economy, particularly manufacturing, energy, telecommunications, and defence.
During the Indian Prime Minister’s meeting with President Tinubu on Sunday, the two leaders also pledged to strengthen ties in key areas, namely economic development, defence, healthcare, food counterterrorism, maritime security, and intelligence sharing, among others.
Based on the current rising tension in the Gulf of Guinea and the Indian Ocean, the tow leaders also agreed to work together to safeguard maritime trade routes and combat piracy as well as sustain the naval exercises and joint anti-piracy operations in the Gulf to safeguard critical maritime routes.
The statement partly reads: “The leaders reiterated their unequivocal condemnation of terrorism in all its forms and manifestations including the cross-border movement of terrorists and terror financing networks and safe havens.
“They called for zero tolerance to terrorism and expeditious finalisation and adoption of the Comprehensive Convention on International Terrorism in the UN Framework.
“As well as implementation of the UNGA and the UNSC resolutions on countering terrorism and violent extremism, it was agreed to enhance cooperation in the area of counter-terrorism”, it added.
In his remarks, Modi restated his country’s readiness to support Nigeria’s defence modernisation efforts based on India’s as an emerging defence manufacturing country.
Both leaders, in the statement also recalled the vibrant economic relations between the two countries, with India currently rated as Nigeria’s largest trading partner and a major contributor to the nation’s economy in terms of investments and job creation.
On infrastructure development, the two leaders stated that India reaffirmed its commitment to supporting Nigeria’s development priorities through concessional lines of credit and technical expertise,
Similarly, on energy sector they also agreed on long-term contracts for crude oil and LNG supply and technical support in pipeline transmission security, CNG conversion, and LPG bottling distribution.
The discussions also covered their resolve to broaden their collaboration in areas of agriculture, health, education, and cultural exchange, including prioritization of food security in view of the countries’ growing populations.
