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Nairaland Forum / Nairaland / General / Business / India Is Now Nigeria's Biggest Trading Partner By N1.8 Trillion (487 Views)
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India Is Now Nigeria's Biggest Trading Partner By N1.8 Trillion by Akbee(m): 4:25am On Nov 10, 2014 |
BY AMAECHI OGBONNA, WALTER UKAEGBU AND CHARLES NWAOGUJI There is a gradual shift from the West to the East as India is now Nigeria’s leading trade partner with oil and non-oil exports hitting N1.8 trillion. The United States of America, which used to be Nigeria’s leading trade partner, particularly in the oil sector, has ceased buying oil from Nigeria as they now produce 8.5 million barrel of oil daily. The Federal Government, as a result, said it would be expanding its non-oil export base through the Nigeria Export Promotion council, (NEPC) with focus on diversifying its economic base beyond the oil sector. Olusegun Aganga, the Minister of Industry, Trade and Investment during a public presentation over the weekend, said govern ment has rolled out an industrial policy that would expand its non-oil base and advance the country economically. He explained that the Nigerian Industrial Revolution Plan(NIRP)is leveraging on where Nigeria has competitive advantage, while dropping attention from the oil sector and shifting attention to industrialsiation where Nigeria has comparative advantage. According to Aganga, “Government through its industrialisation policy has attracted various investments in the country in the last four years. For instance, Dangote investment of $16 billion, Flour mill investment of $1.2billion, Indorama in fertilizer investment of $1.2 billion and $1.4 billion investment in ethanol. GWC $1.2 bil lion in petro-chemicals” He disclosed that that the NEPC is being positioned to focus on non-oil exports which he described as a game changer for the country with a target of 10 years strategic plan. Speaking further on investment drive, Aganga said: “Nigeria would be create more jobs with investment of $9 billion in Petro-chemicals and would make more money. With the investment policy in cement, Dangote has largest cement, Olams has the largest rice mill in sub- saharan African worth $72 million,P&G is the largest Investment by U.S company in Nigeria”. He assured the nation of efforts in various other sectors in loosening the constraints being encountered by investors, as he said that CAC has reduced the cost of reduction in business registrations. He added further that the ministry has embarked on 62 reforms in line with the industrialization policies of the present administration. Credit:www.sunnewsonline.com/new/?p=90107 |
Re: India Is Now Nigeria's Biggest Trading Partner By N1.8 Trillion by BigBizzy(m): 5:16am On Nov 10, 2014 |
them try |
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