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Dr. Emeka Offor, Chairman of the NIBC Board of Directors
Written by Sarafina Christopher
The Nigeria-India Business Council (NIBC) said it is committed to promoting trade relations between the two countries.
The Chairman of the NIBC Board of Directors, Dr. Emeka Ofor, made this pledge at the inaugural general meeting of the NIBC Board of Directors held in Abuja on Wednesday.
He emphasized the Council’s role in fostering business and investment links between the two countries with a view to promoting the growth of Nigerian businesses in both countries.
Mr. Ofor also highlighted the current state of bilateral trade between India and Nigeria, noting that it has fluctuated in recent years.
The Chairman said this figure had fallen from $14.95 billion in 2022 to $11.8 billion in 2023, underscoring the importance of strong trade relations between the two countries.
“The Council aims to strengthen existing business relationships and take them to a higher level. It is hoped that the President’s recent visit to India will further strengthen the Council’s efforts,” said Offor. said.
NIBC Vice-Chairman Dele Otubu highlighted efforts to boost exports, increase foreign exchange earnings and address the undervaluation of Nigerian companies in India.
He urged both established and start-up businesses in Nigeria to join the Council’s efforts to improve trade relations between Nigeria and India.
“Nigeria’s comparative advantages in natural resources and the vast Indian market of over 1.4 billion people present significant opportunities for Nigerian companies to expand and improve their product presentations,” Otubu said.
Also in his address, NIBC Director-General Chijoke James expressed optimism about Nigeria’s favorable investment climate and expressed his determination to maintain the momentum and introduce initiatives that will foster stronger trade ties. He emphasized that there is.
He also unveiled plans to establish a dedicated working group to strengthen bilateral trade relations between Nigeria and India by considering various areas.
Former Defense Minister Antetokunbo Kayode has said Nigeria is well placed to prosper in business, adding that the inauguration ceremony has opened new vistas for business operations in Nigeria and India.
He highlighted the growth potential of Nigeria’s creative industries and manufacturing sector.
Mr Kayode also spoke about the need for expertise and infrastructure such as cinema villages to leverage value chains and employ youth.
He highlighted India’s advancement in military technology as a potential area for cooperation and growth.
Kayode emphasized the importance of moving away from import dependency towards local manufacturing and assembly, supported by the legislation signed by the current government. (NAN)(www.nannews.com.ng)
Edited by Mark Longyen
Also recently published by Muhyideen Jimoh
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