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Nigeria and India ink MoU to strengthen trade relations

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Abuja, Nigeria (CU)_ The Indian Chamber of Commerce (ICC) and Nigeria’s Lagos Chamber of Commerce and Industry (LCCI) have signed an MoU with the aim to improve trade and commerce between the two nations. Meanwhile, China and Turkey are now in Nigeria seeking for new business opportunities. They intend to make investments in the leather and textiles, food and beverage, automotive, pharmaceuticals, agriculture, electronics, beauty and cosmetics, and homes sector industries with approximately 40 manufacturers, suppliers, and distributors.

Debmalya Banerjee, India Regional Director of the Indian Chamber of Commerce (ICC), stated during the launch of the hybrid retail sourcing fair West Africa exhibition that the MoU was a good opportunity for both countries to exchange knowledge and conduct business, noting that India had already invested more than $19 billion in Nigeria and would continue to invest in the future if the government continues to facilitate business.

According to him, more than 100 firms are currently functioning in Nigeria, and over 22 are preparing to investigate in the above-mentioned industries, but the government must uphold its promises even as they sign the MoU. Banerjee said, “We invested billions of dollars in Nigeria and we are willing to do more. This MoU would create more Jobs and expand frontiers as well open more opportunities, we expect the government at federal and state level to strive in doing the needful for businesses to thrive”.

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The Lagos State governor, Babajide Sanwo-Olu, who was represented by Assistant Director (Public Affairs) Sanusi Abdulateef Olajide, opened the expo by urging attendees to trade and engage in the new world formed by the pandemic, rather than in the pre-pandemic world. Bunmi Aliyu, Managing Director of Leoht African, stated that the objective of the Source Textile & Apparel and Retail Sourcing Fair West Africa Exhibitions was to establish an yearly and sustainable international sourcing platform for companies to do business and obtain orders from corporate buyers and resellers. She said, “This exhibition is a way forward, we are optimistic about its returns. The collaboration is much needed at this time”.

Aliyu highlighted the opportunities in Nigeria as well as the benefits of the exhibition. She said, “As researched by the Global Retail Development Index, Nigeria is the leading retail market in Africa with $295bn of retail sales recorded in 2020. We focus solely on showcasing the best textile, home and gift products and brands to local buyers. The concentration of professional visitors from this targeted sector ensures that everyone you meet at the exhibition will be a useful connection”. She noted that the exhibition had 116 suppliers and manufacturers, with 22 from India, 16 from Turkey, 66 from China, and 10 from Nigeria.

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