India Advocates for Streamlined Business Regulations to Enhance Nigeria Trade Relations

The Acting High Commissioner of India to Nigeria, Vartika Rawat, has urged for streamlined regulatory processes to enhance trade relations. At the India Trade Expo, she highlighted Nigeria’s economic potential and the need for collaboration. Key figures, including the President of the Indian Professionals Forum and the Lagos State Governor, echoed the importance of boosting trade and partnerships between the two countries.

The Acting High Commissioner of India to Nigeria, Vartika Rawat, has emphasized the necessity for streamlined business regulatory processes in Nigeria to enhance bilateral trade. Her remarks were made during a panel session at the inaugural India Trade Expo in Lagos. Rawat acknowledged Nigeria’s strategic position in Africa and the potential for improved trade relations to benefit both nations’ economies.

She expressed the hope that the expo would facilitate renewed engagement among Indian organizations and the Nigerian government, fostering mutual growth. Rawat noted, “The presence of over 200 Indian origin companies in Nigeria itself speaks for the opportunities that are available,” and highlighted the importance of Indian contributions to Nigeria’s economic success.

The High Commissioner stressed the importance of collaboration and a favorable regulatory environment, asserting that streamlined, seamless processes are essential for small businesses and startups in Nigeria. She proposed the implementation of digital solutions to assist micro enterprises in accessing opportunities within the market.

Mr. Pradeep Pahalwani, President of the Indian Professionals Forum, remarked on the expo’s significance, suggesting it provides a chance for both governments to adopt a broader perspective on bilateral trade. Meanwhile, Lagos State Governor Babajide Sanwo-Olu, represented by Olugbemiga Aina, the Permanent Secretary of the State Ministry of Commerce, urged Indian businesses to explore Lagos’s vast potential.

Mr. Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria, reiterated the importance of partnerships, highlighting the urgent need to enhance trade between India and Nigeria. He noted that the bilateral trade volume has declined from $14.95 billion in 2022 to $7.89 billion in 2024 and emphasized the potential for synergy to drive economic development.

In conclusion, the calls for streamlined regulatory processes underscore the importance of enhancing trade relations between India and Nigeria. The India Trade Expo serves as a pivotal platform for fostering partnerships and collaboration between the two nations. As both governments explore new avenues for cooperation, there is an urgent need to reverse the decline in bilateral trade and tap into the immense potential that exists for economic growth.

Original Source: www.thisdaylive.com