India-Nigeria Local Currency Settlement System Agreement
India and Nigeria have agreed to finalize the Local Currency Settlement System Agreement to enhance bilateral trade. The agreement, to be settled in Indian rupees and Nigerian naira, was discussed during the 2nd session of the India-Nigeria Joint Trade Committee in Abuja.
India and Nigeria share robust political and economic ties dating back to India’s establishment of a Diplomatic House in Lagos in 1958. Notable visits include Prime Minister Nehru’s trip in 1962. Nigeria is India’s 2nd largest trading partner in Africa, with bilateral trade reaching USD 11.8 billion in 2022-23. Indian investment in Nigeria stands at approximately USD 27 billion, primarily in infrastructure and manufacturing.
Nigeria, situated on Africa’s western coast, is a significant economy known for its oil exports. As an OPEC member since 1971, it plays a crucial role in the global oil market. Abuja serves as its capital, and its currency is the Nigerian naira. Bola Tinubu currently holds the presidency.
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