Esther Oluku
Vartika Rawat, the Acting High Commissioner of India in Nigeria, has emphasized the necessity for a more efficient regulatory framework in nigeria to foster a stronger trade relationship between the two nations.
This statement was made during a panel discussion at the inaugural India Trade Expo held in Lagos.
Rawat pointed out that Nigeria’s strategic location within Africa and its existing ties with India present notable opportunities for enhancing trade relations, supporting local businesses, and expanding market access across the continent.
The High Commission aims to unite Indian-origin enterprises with Nigerian government officials, buisness chambers, and private sector representatives to promote mutual growth and shared prosperity thru this event.
In her opening address, she remarked: “The presence of over 200 indian-origin companies operating in nigeria highlights the vast opportunities available. I express gratitude to Nigeria for welcoming more than 50,000 Indian expatriates who have chosen this country as their home. The achievements of Indian entrepreneurs reflect positively on Nigeria.”
The Importance of Collaboration
She underscored the importance of enhanced collaboration by stating that this expo signifies an opportunity to explore new avenues in economic partnerships between both nations.
Navigating Regulatory Challenges
Addressing regulatory challenges, she noted: “it is indeed crucial for small businesses and startups—especially given Nigeria’s youthful and entrepreneurial demographic—to have streamlined processes. A seamless registration system would facilitate easier entry into the market.”
“Implementing digital solutions could empower small-scale enterprises with limited capital to seize available market opportunities,” she added.
h3>The Expo’s Role in Bilateral Relations
The President of the Indian Professionals Forum,Mr. Pradeep Pahalwani, highlighted that this expo serves as a platform for both governments to adopt a broader perspective on bilateral trade dynamics.
Lagos State Governor Mr. Babajide Sanwo-Olu expressed his governance’s commitment to fortifying ties between India and Nigeria. Represented by Olugbemiga Aina from the state Ministry of Commerce, Cooperatives, Trade and Investment he urged Indian firms to tap into Lagos’ vast potential across diverse sectors.
A Call for Increased Trade Volume
Mr. Segun Ajayi-Kadir from Manufacturers Association of Nigeria (MAN) stressed that while collaborations are vital for success; there is an urgent need to enhance trade volumes between both countries.
“The synergy potential among our industries is substantial,” he stated confidently. “We must work together towards unlocking new markets which will create jobs and stimulate economic growth.” He also noted concerning trends indicating a decline in bilateral trade volume from $14.95 billion in 2022 down to $7.89 billion projected by 2024.”
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Joseph Busari
