Nigeria’s President Bola Tinubu and Indian Prime Minister, Narendra Modi, have directed their officers to finalise pending bilateral commerce agreements between the 2 nations.
The leaders introduced this in a joint assertion issued on Sunday in Abuja on the conclusion of the Indian Prime Minister’s state go to to Nigeria on the invitation of President Tinubu.
The agreements embody the Financial Cooperation Settlement (ECA), Double Taxation Avoidance Settlement (DTAA), and the Bilateral Funding Treaty (BIT), to spice up commerce and funding.
Based on the assertion, it additionally contains “the fruitification of a number of the investments” agreed to by the Indian corporations throughout the go to of President Tinubu to India in September 2023.
On the sidelines of the G20 Leaders’ Summit held from September Ninth-Tenth, 2023, in New Delhi, the Nigeria-India Presidential Roundtable and Enterprise Convention came about.
In the course of the convention, Indian buyers pledged a mixed complete of over $14 billion throughout vital sectors of the Nigerian economic system.
The investments have been focused on the industrialisation, power, telecommunications, and defence sectors.
On Modi’s go to, each nations additionally pledged to strengthen ties in key areas together with financial improvement, defence, healthcare and meals safety, amongst others.
“The leaders reiterated their unequivocal condemnation of terrorism in all its types and manifestations together with the cross-border motion of terrorists and terror financing networks and protected havens.
“They referred to as for zero tolerance to terrorism and expeditious finalisation and adoption of the Complete Conference on Worldwide Terrorism within the UN Framework.
“In addition to implementation of the UNGA and the UNSC resolutions on countering terrorism and violent extremism.
“It was agreed to boost cooperation within the space of counter-terrorism,” the joint assertion mentioned.
Modi reiterated India’s readiness to assist Nigeria’s defence modernisation efforts, highlighting India’s emergence as a trusted defence producer.
The 2 leaders additionally mentioned broader collaboration on meals safety, agriculture, well being, schooling, and cultural exchanges.
Additionally, on meals safety, the leaders agreed that it stays a precedence for growing nations, particularly with greater populations.
