Close to fifty Indian companies are getting prepared to take part in an event being put together by the country’s High Commission in Nigeria from August 25 to 27 to showcase their expertise and promote “Brand India”.
The show will be organised in association with the Confederation of Indian Industry (CII).
The companies will display their expertise in agriculture, farm and construction equipment, electricity, infrastructure, roads, highways and ports, automobiles, auto components, and information and communications technology among others.
The show “will be an excellent opportunity for Indian and Nigerian companies to meet together to enter into business cooperation”, said a statement issued by the high commission.
The organisers said Nigeria was chosen for such high profile event as the country with a population of 175 million stands firm as “a political and economic powerhouse” in Africa.
Nigeria is currently a key trade partner of the US and China.
Nigeria was among the fastest growing economies in the past decade with an annual growth rate of 6.7 percent. Trade with India has also shown significant increase of 2.5 percent to $16.98 billion due to large crude oil export, the organisers said.
India’s exports to Nigeria have grown gradually in the last few years — from $1.08 billion in 2007-08 to $2.66 billion in 2013-14, the high commission said.
“During 2013-14, India’s imports, mainly consisting of petroleum and crude products, stood at $14.31 billion as against $13.82 billion in 2012-13,” it added.
The high commission said “over a hundred companies are currently operating in Nigeria that are owned and/or operated by Indian or Persons of Indian origin”.
Some of these companies are Bharti Airtel, Indorama, Olam International (now Singapore registered), Tata, Bajaj Auto, Birla Group, Mahindra and Mahindra, Ashok Leyland, NIIT, ApTech, New India Assurance, Bhushan Steel, and Dabur.
Another fifteen Indian companies are currently operating in Nigeria’s power sector. Pharmaceuticals, steel and power transmission are also dominated by Indian companies.