Nigeria, India to finalise local currency trade settlement system soon

Nigeria and India will soon finalise a system of settling international trade between both countries in local currency following the second annual Joint Trade Committee (JTI) meeting with the permanent secretary of Nigeria’s Industry, trade and Investment ministry, according to a statement from the Indian Ministry of Commerce.

The focus of the meeting was on areas of shared interest between both countries, especially bilateral trade and the inherent growth potential.

India is one of Nigeria’s biggest trade partners and according to the National Bureau of Statistics (NBS) foreign trade report for 2023, trade between both countries reached $4.1 billion in 2023 making her Nigeria’s third largest trade partner for the year.

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