Rand Merchant Bank has expressed optimism about the potential of trade between Nigeria and India valued at about $11.8bn.
In a statement made available to our correspondent on Thursday, the firm said this following the recent India-Nigeria Business Forum in Abuja.
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, at the Nigeria-India Business Council in Abuja in January, stated, “India is among Nigeria’s top 10 trading partners, and Nigeria is India’s largest trading partner in Africa. The total bilateral trade between India and Nigeria as of 2022 stood at $14.95bn, as against $8.81bn during the year 2020– 021. This unfortunately dipped to $11.8bn last year, but remains a clear indication of the importance of trade relations between our two nations.”
Speaking on the importance of the forum, the Head of Investment Banking at RMB Nigeria, Chidi Iwuchukwu, said “RMB’s involvement in this forum is part of a broader strategy to deepen relationships, enhance visibility and enable access to our value proposition in the Indo-Nigeria trade corridor. We see enormous potential in this region, and we are excited to be key players at the forefront of the economic resurgence in this burgeoning market.”
The Indo-Africa Coverage Specialist, RMB India, Shivank Goel, expressed the commitment of the bank to expand its footprint in the corridor.
He said, “We are committed to expanding our footprint in the Indo-Nigeria corridor, which we have identified as a key market in our global strategy. We believe that our involvement in this forum will help us deepen relationships and increase our share of the market.”
The forum is aimed at strengthening business relations between India and Nigeria.
The bank noted that its invitation to the forum was a testament to its growing influence in the banking industry and its commitment to facilitating business between the economies.
