India and Nigeria should harness their complementarities in attracting investments : Vice President
INVC NEWS Abuja, Nigeria The Vice President of India, Shri M. Hamid Ansari has said that India and Nigeria should harness their complementarities in attracting investments which is a key factor for positive economic growth, as the make an attempt to broad base their economy. He was addressing the India-Nigeria Business Forum in Abuja, Nigeria, today. The Vice President of Nigeria, Mr. Yemi Osinbajo and other dignitaries were present on the occasion. The Vice President said that as Nigeria embarks with renewed vigour and determination in realizing greater prosperity for its people, India stands ready to join as a partner. The overall engagement between India and Nigeria remains vibrant and full of vitality and India has been the largest trading partner of Nigeria, and Nigeria is the largest trading partner of India in Africa, he pointed out. Nigeria is an important partner for our energy security requirement and there is significant potential for diversifying our engagement in oil and gas sector by enhancing our cooperation in both upstream and downstream domains, he added. The Vice President said that over 100 Indian companies have made Nigeria their base and their investments have exceeded 10 billion US Dollars so far, and another 5 billion US dollars are committed in diverse sectors such as communications, power, pharmaceuticals, healthcare, automotive sector and oil, he pointed out. Decades of economic growth have strengthened India’s private sector and it is keen to expand its global operations, he pointed out. The Vice President said that the innovative spirit of Indian industry, backed by strong government research and development push and a network of quality education institutions, make India and the Indian companies the most promising business partners today. He further said that there was considerable potential for expanding trade in the areas of automotive components, automobiles, engineering products, IT, pharmaceuticals, bio-technology and healthcare sectors. India and Nigeria count on their business leaders to be the architects of this important change, he added.