India and Nigeria Finalize Local Currency Settlement System Agreement
| Aspect | Details |
|---|---|
| Event | 2nd session of the India-Nigeria Joint Trade Committee in Abuja |
| Agreement | Local Currency Settlement System Agreement (Indian rupees and Nigerian naira) |
| Delegation (India) | Led by Amardeep Singh Bhatia; included officials from RBI, EXIM Bank, and NPCI |
| Focus Areas | Crude oil, Pharmaceuticals, UPI, Renewable Energy, Agriculture, Education, Transport, MSMEs |
| Trade Relations | Nigeria is India's 2nd largest trading partner in Africa; bilateral trade: USD 11.8 bn (2022-23) |
| Indian Investment | Approx. USD 27 billion in infrastructure and manufacturing |
| Historical Ties | Diplomatic House in Lagos established in 1958; PM Nehru visited in 1962 |
| Nigeria's Profile | Located on Africa's western coast; OPEC member since 1971; Capital: Abuja; Currency: Naira |
| Current President | Bola Tinubu |