INDIA & NIGERIA

                                                      INDIA   AND  NIGERIA               





  India on Wednesday 16th March,2011 sought enhanced supplies of crude oil and agreement for supplay of LNG from Nigeria even as the bilateral trade between the two countries is expected to touch$12 billion during 2010-11.  The issues came up for discussion during the bilateral meetings between the visiting Nigerian Foreign Minister, Henry Odein Ajumogobia, and commerce and Industry Minister Anand Sharma and the Patrileum and Natural Gas Minister Jaipal Reddy on Wednesday at New- Delhi.
     After the meeting, Mr Sharma said bilateral trade between India and Nigeria is expected to touch $12 billion in the current fiscal. In 2009, to trade between the two countries had been growing at a healthy rate. The annual trade is expected to reach $ 12 billion in 2010-11 he added.
  In the last fiscal, India exported goods worth $ 1.4 billion to Nigeria, while imported products worth $7.2 billion. Major export items to Nigeria comprises machinery and instruments, pharmaceuticals, transport equipment and electronic goods while imports include petroleum, crude and products, non ferrous metals wood and cashew nuts.
  Total  Indian investment in Nigeria was estimated to be about $ 5 billion in 2010. Over 7100 Indian companies are operating in Nigeria mainly in automobiles, telecoms, hydrocarbons, textiles, chemicals, electrical equipment pharmaceuticals,plastics and IT industry During his meeting with Mr Henry Odein Ajumogobia,the petroleum Minister sought a 36 percent increase in crude oil supplies form oil rich Nigeria and also raked up the subject of importing liquefied natural gas (LNG) on long term contracts.
    Mr Reddy said India's annual requirement of Nigerian crude oil would be around 18 million tonnes from 2012-13. India imported 13.2 million tonnes of crude oil from Nigeria in 2009-10. Mr Reddy again said India was interested in tying up LNG imports from Nigeria immediately as the country's requirement for LNG is projected to go up by 12-15 million tonnes a year in the foreseeable future. The Nigerian minister indicated that Nigeria LNG was considering dilution of a part of its stake and state, gas utility GAIL( India) was being considered as one of the parties

Prof.John Kurakar