The Acting High Commissioner of India to Nigeria, Vartika Rawat, urged for streamlined business regulations to strengthen trade ties between India and Nigeria. The inaugural India Trade Expo served as a platform to enhance cooperation among businesses from both countries. Key discussions emphasized the need for seamless processes to support small enterprises and stimulate economic growth.
The Acting High Commissioner of India to Nigeria, Vartika Rawat, has advocated for a streamlined regulatory process in Nigeria to enhance trade relations between the two countries. She emphasized this need during a panel session at the inaugural India Trade Expo in Lagos, highlighting Nigeria’s strategic position in Africa and the existing trade ties as opportunities for growth in both markets.
Rawat expressed the intention behind the expo is to facilitate collaboration between Indian companies and Nigerian businesses, emphasizing the vast potential for creating new market opportunities. She noted the presence of over 200 Indian companies in Nigeria and acknowledged the hospitality extended to approximately 50,000 Indian expatriates living in the country, framing their success as part of Nigeria’s success story.
Highlighting the importance of collaboration, Rawat called for harmonization of regulatory processes to support small businesses and entrepreneurs in Nigeria’s vibrant, young economy. She proposed implementing a single-window system and digital solutions to simplify business registration, catering specifically to small and micro enterprises.
Pradeep Pahalwani, President of the Indian Professionals Forum, remarked that the expo is a platform for enhancing openness between the Indian and Nigerian governments regarding bilateral trade. Lagos State Governor Babajide Sanwo-Olu reiterated support for strengthening India-Nigeria partnerships and encouraged Indian businesses to explore opportunities in Lagos’s diverse sectors.
Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria, underscored the urgency of improving trade volume, which decreased from $14.95 billion in 2022 to $7.89 billion in 2024. He expressed confidence that through strategic partnerships, both countries could unlock new markets, create jobs, and drive economic growth.
The call for streamlined regulatory processes highlights the importance of enhancing trade relations between India and Nigeria. With the presence of many Indian businesses and growing collaboration requests, both nations stand to benefit significantly from improved business environments and increased market opportunities. The dialogue during the India Trade Expo indicates a commitment from both sides to address trade challenges and unlock economic potential.
Original Source: www.thisdaylive.com
