The Acting High Commissioner of India to Nigeria, Vartika Rawat, advocated for streamlined regulatory processes during the India Trade Expo in Lagos to enhance trade relations. She highlighted the potential for growth between both countries, noting the presence of many Indian companies in Nigeria. Key stakeholders emphasized the importance of collaboration to improve trade volume, which has significantly decreased in recent years.
The Acting High Commissioner of India to Nigeria, Vartika Rawat, advocates for a streamlined business regulatory process in Nigeria to enhance trade relations between India and Nigeria. This assertion was made during a panel at the inaugural India Trade Expo in Lagos. Rawat emphasized Nigeria’s strategic position in Africa and the potential of the India-Nigeria partnership to foster economic growth and new market opportunities on the continent.
During her address, she noted the presence of over 200 Indian origin companies in Nigeria, which reflects the available opportunities. She expressed gratitude towards Nigeria for its hospitality towards over 50,000 Indian expatriates residing in the country and remarked that “the success stories of Indian entrepreneurs is the success of Nigeria.”
Rawat underlined the importance of stronger collaboration and the necessity for seamless regulatory processes. She suggested that creating a conducive environment for small businesses and startups is imperative, highlighting the vibrancy of Nigeria’s youthful and entrepreneurial population. “Digital solutions can be put into place that could also enable small and micro enterprises which have less capital to infused, to come up and utilize the opportunities and the potentials that are there in the markets,” she remarked.
The President of the Indian Professionals Forum, Mr. Pradeep Pahalwani, pointed out that the expo provides a chance for the Indian government to embrace an open-minded approach and encourages the Nigerian government to consider the bigger picture regarding bilateral trade. Additionally, Lagos State Governor, Mr. Babajide Sanwo-Olu, represented by Permanent Secretary Olugbemiga Aina, reaffirmed the administration’s commitment to strengthening Nigeria-India relations and at the event to “encourage Indian businesses to engage the immense potential that Lagos offers.”
Mr. Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria (MAN), emphasized the urgent need to enhance trade volume between the countries. He asserted, “The potential for synergy between our industries is immense, and I am confident that together we can unlock new markets, create jobs, and drive economic development. We must be ready to change the trajectory of the bilateral trade volume between our two countries, which has declined from $14.95 billion in 2022 to $7.89 billion in 2024.”
In summary, the calls for a streamlined regulatory process and enhanced collaboration between India and Nigeria underline the mutual benefits and economic potential of both countries. The recent India Trade Expo serves as a significant platform for fostering stronger trade relations and aligning expectations for bilateral trade growth, which has seen a decline. Both the Indian and Nigerian leadership emphasize the importance of improving regulatory frameworks and leveraging existing partnerships to unlock new market opportunities.
Original Source: www.thisdaylive.com
