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Nigeria’s Economic and Investment Agenda : Leveraging India

Nigeria’s Economic and Investment Agenda : Leveraging India. A Presentation to 17 th Nigerian Economic Summit by Indian High Commissioner Mahesh Sachdev (Hilton Abuja November 11 2011). A Snapshot of India. Population : 1.21 Billion (2 nd Largest) on 1.3.2011

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Nigeria’s Economic and Investment Agenda : Leveraging India

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  1. Nigeria’s Economic and Investment Agenda: Leveraging India A Presentation to 17th Nigerian Economic Summit by Indian High Commissioner Mahesh Sachdev (Hilton Abuja November 11 2011)

  2. A Snapshot of India • Population: 1.21 Billion (2nd Largest) on 1.3.2011 • Area: 3.2 mn sq kms (7th Largest) • Polity: Parliamentary Democracy under 1950 Constitution with electoral college of over 714 mn; 15 General Elections in 60 years. • Media: ~70,000 Publications, 1,400 TV Stations, 100 m on Internet • GDP: PPP: $4.04 Tn (World’s 4th Largest); Nominal: $1.7 Tn (10th) • Composition: Services:58%, Ind.:28%, Agric.:14% • GDP Growth: 10.4% in 2010; 7.7% in 2011 (Latest IMF Data) • Trade/GDP: 40%; Exports: $250 bn; Imports $327 bn (2010-11) • Fixed Investment/GDP: 32.2% • Market Cap/GDP: 150% Approx. Fiscal Deficit: 4.7% of GDP • Cumulative Foreign Investments on 31.12.10: $198 bn (FDI); $172 Bn (FII); $ 89 bn (Investments Abroad) • Mixed Economy under Independent Regulators

  3. Nigeria-India: Current Picture • Nigeria’s 2nd Largest Trading Partner ($13.0 bn in 2010-11) • Largest Investor in Nigeria in 2010 ($ 5 bn) • Indian Cos are Nigeria’s 2nd Largest Employer • Pole Spot in IT, Health, Steel, Power X-mission • Growing Medical Tourism, Education & Training • Incoming Projects: Power, Petro-Chem, Health • Growing P2P Contacts: 23,669 Visas in 2010 • ~35,000 Indians in Nigeria (<0.2% of Population)

  4. Nigeria-India Trade • Main Items N2I: Crude, Plastics, Wood, Cocoa • Main Items I2N:Elect. Machinery & Equipment, Pet Products, Vehicles, Pharma, Electronics, Steel, Metals, Chemicals

  5. Nigeria-India Business Ties • 120 Years of Indian Business in Nigeria began with Trade & Textiles. It has gradually expanded to IT, Telecom, HRD, Pharma, Agric., E&P, Mfr-ing, Steel, Transport, Services, Distribution & Retailing, etc • Key Drivers: Similarities & Complementarities, Mutual Familiarity, Compatible & Cost-Effective Solutions, Appropriate & Proven Technology, Easy Sustainability & Up-Scaling, Professionals • Challenges: Better Connectivity, Stereotypes, Enabling Framework, Financial Constraints

  6. India in Nigeria’s Economic Agenda • Existing Collaboration: Jt Commission, Capacity Building through ITEC, AIFS-II &Other Means; Experts’ Visits, Line of Credit • Potential: Leveraging Relevant Indian Experience in Planning & Reforms, Job Creation, MDGs, e-Governance, Federal-ism, Strengthening Regulators, etc. • Methodology: To Be Driven by Nigeria

  7. India in Nigeria’s Investment Agenda • Current Status: Biggest Investor in 2010; Over 100 Indian Cos; 2nd Largest Job Provider, Investt Compatible with GoN Priorities: Health, Agric, HRD, IT, Power, Oil, etc. • In Pipeline: Petro-Chem, Infra, Power • Potential: Hydrocarbons, Railways, Services, Mining, Consumer Goods, Vocational Training, • Wish List: P2P Engaging Indians, BIPPA, DTAA, Transparency, Regulatory Regime, Labour Laws, Visa, Ensuring Level Playing Field

  8. Bilateral Opportunities [ India to Nigeria / Nigeria to India ] • More of Current TradePower Equipment, Refined Products, Vehicles, Pharma, Steel, Metals, Chemicals, Textiles, IT, Hydrocarbons, Wood, Cocoa, etc. • Potential Areas: Foodstuff, Commodities, Consumer Goods, Engineering Goods & Services;Palm Oil, Solid Minerals, Cashew, Handicrafts, Herbs, etc. • More of Current Investments:IT, Telecom, Pharma, Agric., E&P, Mfr-ing, Steel, Transport, Distribution & Retailing, etc. • Potential Areas: Petro-Chem, E&P, Infrastructure, Farming & Food Processing, Power, Education, Healthcare, Vocational Training, etc. Thank You ! Comments & Questions are Welcome: hc.abuja@mea.gov.in

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