The Acting High Commissioner of India to Nigeria, Vartika Rawat, called for streamlined regulatory processes to improve trade relations between India and Nigeria during the India Trade Expo in Lagos. She emphasized the potential for economic growth through collaboration, highlighted the presence of Indian companies in Nigeria, and addressed the need for a conducive regulatory environment for startups. Officials from both nations echoed support for enhancing bilateral trade, noting the decline in trade volume and the need for strategic partnerships.
The Acting High Commissioner of India to Nigeria, Vartika Rawat, emphasized the necessity for streamlined business regulatory processes in Nigeria to enhance trade relations between India and Nigeria. She made these remarks during a panel session at the opening of the inaugural India Trade Expo in Lagos, advocating for improved collaboration to unlock trade potential and grow indigenous businesses in Africa.
During her address, Rawat stated that Nigeria’s strategic role in Africa and its existing relationship with India could significantly enhance trade opportunities. She expressed gratitude for Nigeria’s hospitality toward over 50,000 Indian expatriates and highlighted that Indian entrepreneurs’ successes contribute to Nigeria’s overall progress.
Rawat underscored the importance of a conducive regulatory environment for startups and small businesses by calling for a streamlined process. She suggested that implementing a single-window system and digital solutions could facilitate market entry for micro enterprises lacking significant capital, thereby maximizing existing opportunities.
Mr. Pradeep Pahalwani, President of the Indian Professionals Forum, underscored the event’s importance, advocating for an open-minded approach by both the Indian and Nigerian governments towards enhancing bilateral trade. The Lagos State Governor, Mr. Babajide Sanwo-Olu, represented by Olugbemiga Aina, noted his administration’s commitment to strengthening Nigeria-India partnerships and urged Indian businesses to leverage Lagos’s potential across various sectors.
Mr. Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria, highlighted the critical need for increasing trade volume, noting a decline from $14.95 billion in 2022 to $7.89 billion in 2024. He asserted that synergy between industries could unlock new markets, create jobs, and drive economic growth.
In conclusion, the India Trade Expo serves as a pivotal platform for enhancing trade relations between India and Nigeria. By advocating for regulatory improvements, fostering collaborations, and opening new markets, both nations stand to benefit significantly. The contributions of Indian businesses and the potential for mutual growth underscore the importance of a strategic partnership moving forward.
Original Source: www.thisdaylive.com
