In a landmark move to strengthen economic ties, the Federal Government of Nigeria recently announced its intention to collaborate with India in the development of the Nigerian blue economy. This declaration was made by Adegboyega Oyetola, the Minister of Marine and Blue Economy, at the Nigeria-India Business Forum organized by the Nigeria-India Business Council (NIBC) in Abuja.
Minister Oyetola expressed his optimism about the significant benefits this partnership would bring. He emphasized the importance of this forum in enhancing bilateral relations, boosting foreign direct investment, facilitating technology transfer, and fostering sustainable business partnerships between the public and private sectors of both nations.
The Nigerian government’s focus is on harnessing the potential of its blue economy through public-private partnerships, a strategy that aligns with global trends towards sustainable ocean-based industries. Oyetola outlined several areas for potential collaboration, including enhancing port infrastructure, constructing deep-sea ports and ship repair yards, promoting blue economy investments, developing tourism facilities, creating export processing terminals for agro exports, and improving inland waterways passenger transport and tourist cruise services.
At the same event, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, referenced the groundwork laid by President Bola Ahmed Tinubu at the G20 Summit in New Delhi. She highlighted the substantial investments pledged by Indian investors, amounting to nearly $14 billion, as evidence of the growing economic partnership between Nigeria and India.
Uzoka-Anite also celebrated the successful conclusion of the sixth session of the Nigeria-India Joint Commission Meeting. She emphasized Nigeria’s position as a home to approximately 150 Indian companies, including major players like Bharti Airtel, Tata, Stallion Motors, Churchgate, and Indorama. This presence underscores the deep economic ties and mutual benefits shared by both countries.
Dr. S Jaishankar, the Minister of External Affairs of India, spoke about the government’s role in fostering a conducive environment for business growth and addressing challenges with practical solutions. He assured the Nigerian business community of India’s support in sharing technology, digital public infrastructure, agricultural sustainability, security, and blue economy expertise.
Jaishankar highlighted India’s commitment to Nigeria, as evidenced by 200 development projects across the country. He emphasized the importance of building strong relationships, as demonstrated by his meeting with Minister Oyetola, to further strengthen ties between the two nations.
This strategic alliance between Nigeria and India marks a significant step in bilateral economic relations. The focus on the blue economy not only aligns with global sustainability goals but also promises to unlock new growth avenues, enhance technology transfer, and create numerous opportunities for both countries. As these two nations forge ahead, their partnership is set to leave a lasting impact on the global economic landscape, particularly in the realm of sustainable ocean-based industries.
