On Tuesday, the Vice President of India, Hamid Ansari, alongside a delegation of Indian businessmen visited Nigeria. President Muhammadu Buhari played host to the delegation at the State House, Abuja.
The Indian Vice President proposed a $5 billion investment into the Nigerian economy. He said that India would increase its purchase of Nigeria’s crude oil and natural gas, as the country is already a leading buyer of those commodities.
India’s relationship with Nigeria has proved positive over the years, with India investing over $10 billion in Nigeria. In 2010, Bharti Airtel, India’s largest telecom operator came into Nigeria through the acquisition of Kuwaiti telecom company, Zain’s African assets for $10.7 billion. The company who initially acquired 65.7 percent stake in the Nigerian entity expanded their equity stake to 79.06 percent in 2012. Indian conglomerate, Tata Group has also established a strong presence in the Nigerian market with investments in the automobile, construction and pharmaceutical industries.
President Buhari welcomed the proposed investment. He explained how Nigeria has profited from the support of India in trade and investment, technology, agriculture, and the fight against terrorism
According to a statement issued by Buhari’s Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, the President said: “Nigeria will continue to deepen its relationship with India in the areas of health, education, agriculture, technology and trade.”
President Buhari also commended India’s agricultural model and described it as a pattern which Nigeria plans to adopt. He said, “Nigeria will emulate India’s agricultural model and capacity to feed its one billion population, and also export to other countries, describing the country as “sustainable and prosperous.”
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