The Federal Government has formalized several strategic agreements with India to boost economic, security, and energy collaboration.
This was disclosed during the state visit of Indian Prime Minister Narendra Modi to Nigeria, where he held extensive talks with President Bola Tinubu at the Presidential Villa, Abuja.
According to a joint statement, both leaders committed to enhancing trade relations, with India remaining Nigeria’s largest trading partner.
To facilitate this, the countries agreed to finalize key agreements, including the Economic Cooperation Agreement (ECA), the Double Taxation Avoidance Agreement (DTAA), and the Bilateral Investment Treaty (BIT). These measures aim to boost bilateral trade and attract investments.
In security, the two nations agreed to greater cooperation in counterterrorism and maritime safety.
With piracy threats in the Gulf of Guinea, both countries will conduct regular naval exercises and joint anti-piracy operations.
India also committed to supporting Nigeria’s defence modernization with advanced equipment.
The energy sector was another focal point, with agreements on long-term crude oil and LNG supply.
India will provide technical support for pipeline security and the distribution of CNG and LPG, addressing Nigeria’s energy infrastructure needs.
During the discussions, Prime Minister Modi reiterated India’s commitment to Nigeria’s development priorities through concessional Lines of Credit and technical expertise, particularly in infrastructure and agriculture.
The joint statement also revealed the $14 billion pledged by Indian investors during the Nigeria-India Business Conference held in September.
These investments target critical sectors, including industrialization, telecommunications, and energy.
The agreements are:
1. Economic and Trade Cooperation:
– Finalization of the Economic Cooperation Agreement (ECA), Double Taxation Avoidance Agreement (DTAA), and Bilateral Investment Treaty (BIT).
– Expansion of bilateral trade and investment, with over $14 billion pledged by Indian investors in critical sectors such as industrialization, energy, telecommunications, and defence.
2. Defence and Security:
– Enhanced cooperation in counterterrorism, maritime security, and intelligence sharing.
– Regular naval exercises and joint anti-piracy operations in the Gulf of Guinea.
– Support for Nigeria’s defence modernization through Indian defence manufacturing.
3. Energy Collaboration:
– Long-term contracts for crude oil and LNG supply.
– Technical support for pipeline transmission security, CNG conversion, and LPG bottling and distribution.
4. Infrastructure Development:
– India’s commitment to Nigeria’s development priorities through concessional Lines of Credit and technical expertise.
5. Health, Education, and Agriculture:
– Collaboration on food security, health, education, and cultural exchanges.
6. Counterterrorism:
– Commitment to the Comprehensive Convention on International Terrorism within the UN framework.
– Zero tolerance for terrorism and expeditious implementation of UNGA and UNSC resolutions on countering terrorism and violent extremism.
