The Lagos Chamber of Commerce and Industry (LCCI) and the Confederation of Indian Industry (CII) have mulled a partnership in defence, agriculture, pharmaceuticals and technology sectors for economic growth.
Mr Gabriel Idahosa, President, LCCI, at the Nigeria-India Business-to-Business Meeting in held in Lagos on Thursday, said the collaboration poised to unlock the immense potential of both countries.
Idahosa revealed that Nigeria and India had a history of cooperation in defense, characterised by knowledge exchange and capacity building.
He noted that security was the bedrock upon which economic prosperity was built, and that in 2024, Nigeria’s defence budget stood at approximately $2.5 billion.
This, he said, reflected a commitment to enhancing national security.
Idahosa said collaborative ventures in defence, technology and joint training programmes could further bolster Nigeria’s security apparatus, and ensuring a stable environment conducive to economic growth.
“Agriculture remains a cornerstone of Nigeria’s economy, contributing about 25 per cent to the national Gross Domestic Product.
“However, the sector faces challenges, including outdated farming techniques and inadequate processing facilities.
“India’s Green Revolution offers valuable lessons in agricultural transformation and we can significantly increase productivity by integrating advanced agro-machinery and smart farming techniques,” he said.
He added that room for collaboration in Nigeria’s power, healthcare sectors were pivotal for national development.
He said by establishing joint ventures and technology transfer agreements, there can be enhanced local production capacities, ensuring the availability of affordable and quality medications for the populace.
“Collaborations with Indian firms specialising in e-mobility can provide the expertise and technology needed to advance these initiatives, promoting sustainable transportation solutions.
“Obviously, from the above list of opportunities and challenges, the synergies between Nigeria and India are vast and ripe for exploration.
“By leveraging our respective strengths and fostering collaborative ventures across these critical sectors, we can address current economic challenges and pave the way for a prosperous future,” he said
Mr Munesh Misha, CII leader, expressed delight for Nigeria’s rich culture and growing economy.
According to him, it presents incredible opportunities for deepening bilateral cooperation between India and Nigeria.
Misha said as part of India’s strong and historical relationship with Africa, india view the entire continent as a trusted partner in its development oriented shared future.
He stated that with Nigeria, the partnership had witnessed remarkable growth, with India as one of Nigeria’s large trading partners, with bilateral trade standing at approximately $7.89 billion in 2024.
“India also has several investments in Nigeria, contributing to sectors like oil and gas, healthcare and telecommunications
“The CII business delegation, comprising of Indian leading companies, is eager to interact with key industry officials and businessmen from Nigeria.
“We represent sectors such as infrastructure, ICT, healthcare and pharmaceuticals, agriculture, power and energy, manufacturing, logistics, tourism, trade and more.
“We feel that this visit will give us a chance to gain important insight into the current trade and investment scenario and have a more focused engagement with each other,” he said.
Consul General, Indiana Consulate, Lagos, Chandramouli Kern, said that trust partnership have existed between India and Nigeria for decades, giving room for more multi sectoral collaboration.
He said there was a possibility of great business to business connections, mutually beneficial to both nations.
“We can complement and supplement each others endeavours to become better, become more developed, become richer. Nigeria has seen the effect of pharmaceutical industry in Nigeria,” he said.
