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.
The statement reads, “To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include resolving of market access issues of both sides, and cooperation in key sectors such as Crude oil and Natural Gas, Pharmaceuticals, Unified Payments Interface (UPI), Local Currency Settlement System, Power Sector and Renewable Energy, Agriculture & Food Processing, Education, Transport, Railway, Aviation, MSMEs, Development etc.”
“Both sides agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties.”
The officials in the Indian delegation comprise of members of the Reserve Bank of India, EXIM Bank of India and the National Payment Corporation of India (NPCI).
