NIGERIA, INDIA SIGN TWO MOU TO BOOST TRADE, INVESTMENT
Written by Oyebamiji Idowu on January 23, 2024
In a pivotal move to boost trade and investment, the Federal Government of Nigeria and the Indian government signed two Memoranda of Understanding (MoUs) on Monday, January 22nd, 2024. The ceremony, held at the Indian High Commission in Abuja, witnessed the exchange of letters of intent that further solidify the bilateral relationship between the two nations.
India’s Minister of External Affairs, Dr. S. Jaishankar, graced the event as a key witness, underscoring the importance of this collaboration. In his remarks, he praised the long-standing stability of the Nigeria-India ties and highlighted the mutual economic progress both countries are witnessing. However, he also acknowledged challenges faced by business partners like banking, payment, and travel restrictions.
The two signed MoUs aim to break down these barriers and pave the way for increased trade and investment opportunities. The first MoU, signed between the Nigerian Chamber of Commerce and Industries (NCCI) and the Confederation of Indian Industries (CII), establishes a framework for closer cooperation between businesses in both nations. Similarly, the second MoU, signed between the Abuja Chamber of Commerce and Industries (ACCI) and CII, focuses on fostering economic activities within the two capital cities.
These agreements mark a significant step forward in the Nigeria-India relationship, opening doors for greater economic prosperity and shared growth. By addressing existing challenges and creating more robust business connections, the MoUs promise to unlock a new era of collaboration and mutual benefit for both countries.
Source: Jordan105.5fm News Bulletin.