India–Nigeria relations

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Indo-Nigerian relations
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The Republic of India and the Federal Republic of Nigeria have built strategic and commercial ties. Both are members of the Commonwealth of Nations and the Non-Aligned Movement. India has a High Commission in Abuja and a Consulate in Lagos, and Nigeria has a High Commission in New Delhi. Indian business firms have invested estimated $15 billion in Nigeria. India is Nigeria's leading investor, with a investment base of about $20 billion. [1] The figures on the amount of Nigeria's investment in India if any are not known.

Contents

History

India's relations with Africa date back to 30 BCE when there was trade between Egypt (under Roman Emperor Augustus) and India. Up to 120 Roman ships set sail each year from Myos Hormos (Al-Qusayr) in Roman Egypt to India. [2] In the same period, Indian dhows frequented East African shores selling Indian handloom products, spices and other goods. Archaeological evidence recently found in Egypt shows that Indian merchants that traded with the Mediterranean region were inhabitants of the Coromandel Coast of India. That exhibits the extent of India-Africa relations at that time. [2]

India gained independence in 1947; Nigeria followed and gained independence in 1960. India strongly supported independence of African countries from colonial rule and established its diplomatic mission in 1958 – two years before Nigeria officially gained independence from British rule. [3] [4] [5] Soon after Nigerian independence, the Indian government got involved in helping establish a military and several other projects in Nigeria. India aided Nigeria in building military establishments like the Nigerian Defence Academy (NDA) at Kaduna and the Naval College at Port Harcourt, along with other military training facilities. A recent president of Nigeria, Muhammadu Buhari, attended the DSSC in the 1970s. Other Nigerian presidents who attended the same college are Presidents Olusegun Obasanjo (1965) and Ibrahim Babangida (1964). Upon Nigeria gaining independence, Indian businesses set up shop in Nigeria.

Economic relations

Abubakar Tafawa Balewa (R), 1st Prime Minister of Nigeria, with Pandit Jawaharlal Nehru (L), India's 1st Prime Minister (1962) Abubakar Tafawa Balewa with Pandit Jawaharlal Nehru.png
Abubakar Tafawa Balewa (R), 1st Prime Minister of Nigeria, with Pandit Jawaharlal Nehru (L), India's 1st Prime Minister (1962)

Both nations possess diverse natural and economic resources and are the largest economies in their respective regions. [6] Currently, India's concessional line of credit to Africa is almost $9 billion, with present projects taking up $7.4 billion. [7] India- Nigeria trade in 2018-19 amounted to US$13.89 billion. [8] Despite the ever present threat of Nigerian 'Boko Haram' terrorists organisation and 'Black Axe mafia', Indian firms are the second biggest employers in Nigeria after the Nigerian Federal Government. [9] More than 135 Indian firms operate in Nigeria. Indian firms in Nigeria are in greatly diverse fields e.g. pharmaceuticals, engineering goods, electrical machinery and equipment, plastics, chemicals, etc. Some of the major companies include Bharti Airtel, Tata, Bajaj Auto, Birla Group, Kirloskar, Mahindra, Ashok Leyland, Skipper, Godrej, Simba Group, NIIT, Aptech, New India Assurance, Bhushan Steel, KEC, Dabur, etc. Indian investment in Nigeria amounts to US$15 billion and rising according to the Indian High Commission in Abuja. [10] Indian exports to Nigeria during the period 2018-19 were US$3 billion and India's imports from Nigeria during same period 2018-19 were worth US$10.88 billion. Nigeria was the fifth biggest seller of crude oil and third biggest seller of LNG after Qatar and UAE in year 2020 to India.In year 2020-2021 USA stood second after Iraq as the biggest seller of crude oil to India. Indian exports to Nigeria are Pharmaceuticals, automobiles, cars, iron and steel, rice, plastics, clothes and fabrics, engineering equipment, and power sector components such as transformers, insulators and circuit breaker etc. India is Nigeria's biggest trading partner in Africa, with trade volume of about $16.35 billion in year 2019-2020. India is Nigeria's leading investor, with a investment base of about $20 billion. [11] India is the fifth largest investor in Africa with cumulative investment of USD 70.7 billion. [12] India is also the third largest trading partner of Africa after China and USA. India accounts for 6.4% of total African trade. [13] Figures on the type and fields of Nigeria's investments into the Indian economy are unknown.

Oil trade

India is the third largest oil consumer after USA and China. India uses 5.5 million barrels of oil per day. [14] India buys crude oil from Saudi Arabia, Iraq, Iran, Kuwait, Kazakhstan, Russia, [15] [16] [17] and UAE with significantly reduced amount from Nigeria in 2021.[ citation needed ] In 2020-2021, USA took second place in India's oil imports with Iraq topping the list again. Since year 2018 India buys cheaper Basra Oil from Iraq and the crude oil purchased from West Africa including from Nigeria rank fifth in India's crude oil purchases. annually. [18]

See also

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Sudan's exports in 2008 amounted to US$12.4 billion, and its imports totaled US$8.9 billion. Agricultural products dominated Sudanese exports until Sudan began to export petroleum and petroleum products. By 2000 the value of petroleum-based products surpassed the total of all other exports combined. By 2008, they had reached US$11.6 billion and have accounted for 80 to 94 percent of all export revenue since 2000, the result of expanded oil production, as well as higher oil prices. Because oil provides such a large proportion of export earnings, Sudan is now vulnerable to the volatility of the international price of oil.

References

  1. ↑ David (22 August 2022). "$20 billion Indian investments in Nigeria - Foreign Minister". The Sun Nigeria. Retrieved 21 March 2023.
  2. 1 2 "India - Nigeria". Chandrawat & Partners Law Firm. 9 November 2022. Retrieved 21 March 2023.
  3. ↑ "PM to visit Nigeria to enhance bilateral ties". Rediff.com . 9 October 2007. Retrieved 21 June 2008.
  4. ↑ "Nigeria: -on-high-growth-rate-path-PM/228551/".{{cite web}}: Missing or empty |url= (help)
  5. ↑ "Indo-Nigerian relations" (PDF). Ministry of External Affairs (India). Archived from the original (PDF) on 11 September 2008. Retrieved 21 June 2008.
  6. ↑ "Indian Prime Minister to visit Nigeria". My Naija News. 11 October 2007. Archived from the original on 5 April 2017. Retrieved 21 June 2008.
  7. ↑ Vazquez, Karin Costa; Kottam, Vyshali (2021), Modi, Renu; Venkatachalam, Meera (eds.), "The Impact of India's Lines of Credit on the Future of India-Africa Partnership in Agriculture", India–Africa Partnerships for Food Security and Capacity Building, Cham: Springer International Publishing, pp. 311–337, doi:10.1007/978-3-030-54112-5_15, ISBN   978-3-030-54111-8, S2CID   234144999 , retrieved 21 March 2023
  8. ↑ Opusunju, Michael; Akyuz, Murat; Inim, Victor (2020). "Assessment of India –Nigeria Trade Relations (1999-2018)". American International Journal of Business Management (AIJBM). 3 (5): 62–70.
  9. ↑ "Indian Firms, Second Highest Employers after FG, Says ACCI – THISDAYLIVE". www.thisdaylive.com. Retrieved 21 March 2023.
  10. ↑ "Indian investments in Nigeria exceed $15 billion dollars – Envoy". www.premiumtimesng.com. Retrieved 21 March 2023.
  11. ↑ Ojeme, Victoria; Eromosele, Fortune (22 August 2022). "Nigeria, India's largest trading partner in Africa — Envoy". Vanguard Newspaper.
  12. ↑ Samir, Nehal (31 May 2022). "India fifth largest investor in Africa with cumulative investments of $70.7bn in various sectors: Ambassador". Daily News Egypt.
  13. ↑ "What Can India Offer Africa?". thediplomat.com. Retrieved 21 March 2023.
  14. ↑ "Ukraine: Is India headed for an oil price shock?". BBC News. 4 March 2022. Retrieved 21 March 2023.
  15. ↑ "Russia stays India's top crude supplier with 1.64 million barrels shipped daily in March". Moneycontrol. 7 April 2023. Retrieved 8 April 2023.
  16. ↑ "Russian crude supplies to India at discounted rates not to be affected by Opec+ oil output cut". Firstpost. 5 April 2023. Retrieved 8 April 2023.
  17. ↑ "Fuels from Russian oil gets backdoor entry into Europe via India". The Indian Express. 6 April 2023. Retrieved 8 April 2023.
  18. ↑ India seeks expansion of oil trade with Nigeria In years 2023 Saudi Arabia, Iraq, and the United Arab Emirates are the top three suppliers of crude oil to India according to India export import data. India has been taking steps to reduce its dependence on imported oil by increasing domestic production and promoting alternative sources of energy
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