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The bilateral relations between the Republic of India and the Federal Republic of Nigeria have considerably expanded in recent years with both nations building strategic and commercial ties.
India is the second largest purchaser of Nigeria's oil which fulfills 20 to 25 percent of India's domestic oil demand. With bilateral oil trade valued at US$10 billion, Indian oil companies are also involved in oil drilling operations in Nigeria and have plans to set up refineries there.
Background
Both nations were colonised by the British Empire; India 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. Since the restoration of democracy in 1998, Nigeria has joined India in becoming the largest democracies in their respective regions with diverse religious and ethnic populations. They possess diverse natural and economic resources and are the largest economies in their respective regions. Both are members of the Commonwealth of Nations, G-77 and the Non-Aligned Movement (NAM).
Development of bilateral relations
After Nigeria's independence, both nations sought to develop strong relations. In 1962, the Indian Prime Minister Jawaharlal Nehru made a state visit to Nigeria. In 1999, the democratically-elected President of Nigeria Olusegun Obasanjo made a state visit to India and was the chief guest at India's Republic Day celebrations. In 2007, Indian Prime Minister Dr. Manmohan Singh became the first Indian leader to visit Nigeria in 45 years and addressed a joint session of the Parliament of Nigeria.
Commerce
Since the restoration of democracy in Nigeria in 1998-99, its trade with India has increased substantially - climbing from USD 293.71 million in 1999-00 to USD 875 million in 2005-06. As of 2007, the value of non-oil bilateral trade was estimated between USD 6-7.9 billion. Exports to India accounted for USD 3.9 billion between April and September, 2006. India's exports to Nigeria were valued at USD $875 million in 2005/06. Indian companies have invested heavily in Nigeria in manufacturing, pharmaceuticals, plastics, engineering, information technology and communications. Indian companies have invested in the Ajaokuta Iron and Steel Industry as well as Aladja Steel Complex in Delta. Nigeria has actively encouraged Indian companies to invest and expand Nigeria's mining and development of coal, gold, iron ore, chrome ore, lead and other mineral resources.
Oil trade
Nigeria is the largest African crude oil supplier to India — India imports 400,000 barrels per day from Nigeria valued at US$10 billion annually. Additionally, major Indian oil companies regularly issue tender of Nigerian crude oil.
References
- ^ India to invest $350 m in Nigerian oil blocks
- ^ ONGC Mittal Drills Nigerian Offshore Oil Block 279
- ^ a b "PM to visit Nigeria to enhance bilateral ties". Rediff.com. 2007-10-09 . http://www.rediff.com/news/2007/oct/09pm.htm . Retrieved 2008-06-21 .
- ^ a b c d e "Nigeria: "India's Exports Hit $875m"". This Day (Lagos), allAfrica.com. 2007-10-14 . http://allafrica.com/stories/200710140023.html . Retrieved 2008-06-21 .
- ^ "India will continue on high growth rate path: PM". Indian Express, Express India. 2007-10-15 . http://www.expressindia.com/latest-news/India-will-continue-on-high-growth-rate-path-PM/228551/ . Retrieved 2008-06-21 .
- ^ "Indo-Nigerian relations" (PDF). Ministry of External Affairs (India) . http://www.meaindia.nic.in/foreignrelation/11fr12.pdf . Retrieved 2008-06-21 .
- ^ a b c "Indian Prime Minister to visit Nigeria". My Naija News. 2007-10-11 . http://www.mynaijanews.com/content/view/754/2/ . Retrieved 2008-06-21 .
- ^ "PM Manmohan Singh to visit Nigeria, South Africa". Times of India. 2007-10-13 . http://timesofindia.indiatimes.com/India/PM_Manmohan_Singh_to_visit_Nigeria_South_Africa/articleshow/2454693.cms . Retrieved 2008-06-21 .
- ^ ""Nigeria ready to partner India in mining"". The Hindu Business Line. 2007-10-17 . http://www.thehindubusinessline.com/2007/10/17/stories/2007101750901200.htm . Retrieved 2008-06-21 .
- ^ India seeks expansion of oil trade with Nigeria
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