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As part of efforts to make the blue economy a major source of revenue for the country, The Federal government through the Minister of Marine and Blue Economy, Adegboyega Oyetola has called for stronger collaborations with the Government of India, renowned for its rich maritime heritage in the ports and shipping industry.
While speaking at the India Trade Mission to Nigeria/Nigeria- India Business Forum, Nigeria-India Business Council (NIBC), with the theme: Expanding Trade & Investment Opportunities Between Nigeria and India held in Abuja, Oyetola said that collaboration will help Nigeria to open the maritime sector and divest the economy from oil and gas.
He said that the business forum could not have come at a better time as the Federal Government is poised to harnessing the potentials of the blue economy through public private partnership.
He said, “I am particularly glad that this forum has brought Nigeria and India together to collaborate and strategically plan on exploring investment opportunities in both countries. I am optimistic that this forum will further strengthen the bilateral ties between the two countries, thereby increasing foreign direct investment, facilitating capacity and technology transfer, and foster sustainable business partnerships between the government and private sectors of both countries”.
Speaking further, The Minister stated that at the end of the forum, both countries are expected to develop closer economic cooperation in the areas of enhancing port infrastructure/operation in the construction of deep-sea ports and ship repair yards; promotion of blue economy investments through the creation of residential/ancillary facilities at the ports; development of tourism facilities; creation of export processing terminals for agro exports; and provision of inland waterways passenger transport and tourist cruise services; amongst other areas.
Also in his remarks, The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, commended the efforts of both countries in concluding the sixth session of the Nigeria-India Joint Commission Meeting held on Monday, 22 January, 2024.
Harping on the significance of the meeting, she continues, “today’s forum is a testament to the progress made upon the foundations laid by H.E President Bola Ahmed Tinubu, during the Presidential Roundtable held in New Delhi, India, on the sidelines of the G20 Summit. That pivotal meeting saw Indian investors pledge an impressive total of almost $14 billion worth of investment into Nigeria’s economy.”
The Industry, Trade and Investment Minister disclosed that Nigeria is home to approximately 150 Indian Companies, many of which are strong household names in the country. She pointed that that many Indian companies like Bharti Airtel, Tata, Stallion Motors, Churchgate, and Indorama are house hold names in Nigeria.
Speaking also at the event, the Minister of External Affairs, Republic of India, Dr. S. Jaishankar, stated that it is the primary responsibility of any government to provide the enabling environment, look out for challenges that affect business ecosystem, place such on the table for discussions and approach identified challenges with practical and constructive solutions.
The Minister assured the Nigeria business community that India can be the support and fulcrum for Nigeria in aspects of sharing technology, digital public infrastructure, agricultural sustainability, security and the blue economy.
The proof of our commitment to fostering of ties and cooperation with Nigeria, Jaishankar stated, is indicative in the 200 development projects of the Indian government across Nigeria. He added that India extends its hands of alliance to Nigeria and Africa.
Jaishankar also spoke of the honour of meeting with the Minister of Marine and Blue Economy, noting that such relationships will build more linkages that will foster relationships between both countries.
