Nigeria, India to conclude early local currency settlement system pact

02 May '24

1 min read

Nigeria, India to conclude early local currency settlement system pact

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Nigeria and India recently agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties, the Indian department of commerce said.
Both sides also identified several areas to enhance bilateral trade and investment.
These include crude oil, natural gas, renewable energy, agriculture, transport and railway.

At the second session of India-Nigeria Joint Trade Committee held in Abuja late last month, India and Nigeria agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties, the Indian department of commerce said recently on social media platform X (formerly Twitter).

Such a system would help in promoting the use of Indian rupee and Nigerian naira for cross-border transactions.

The session was held after a five-year gap.

Both sides also identified several focus areas to enhance bilateral trade and investment. These include crude oil, natural gas, unified payments interface, power and renewable energy, agriculture, transport, railway, aviation and development of micro, small and medium enterprises, a news agency reported.

The Indian delegation was led by additional secretary in the commerce ministry Amardeep Singh Bhatia.

Bilateral trade between the two nations stood at $11.85 billion (exports $5.2 billion and imports $6.7 billion) in fiscal 2022-23 and about $15 billion in fiscal 2021-22.

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