‘Indian manufacturers, other investors are interested in doing business in Nigeria’

Vyas Deo Choudhary is the head of chancery, High Commission of India in Lagos.  Choudhary tells ODINAKA ANUDU how India has positioned itself to tap into Nigeria’s non-oil sectors. He emphasises that Indian companies are interested in doing business in Nigeria and will not leave the country any time soon.

Given the current oil price lows, the Federal Government is interested in diversifying the economy away from oil. How will India key into this paradigm shift?

Nigeria, I think, is one of the most blessed countries in the world. You have oil and nature has given you a lot. For us, agriculture is one of the sectors India and Nigeria can cooperate in. We also have manufacturing, ICT and medical services. You know that India’s medical services are among the cheapest in the world. There was an agreement we signed in 2014 on trade relations. You might be aware that there are up to 100 Indian companies in Nigeria in various sectors of the economy. Many are in the non-oil sector, making great contributions to the economy.

So what specific contributions do these firms make to the Nigerian economy?

These companies are the largest employers of labour after the Federal Government. Some are in manufacturing, car assembly, energy and other key economic sectors.

But the jobs you say the companies provide are usually menial. Have you not received complaints of maltreatment of Nigerians by Indians?

I have not come across such complaints. But if you look into issues of insufficient remuneration and late payment, you will see they are issues between Indian firms and their employees. But I have not received such complaints.

Have you not also received complaints that some products from India are fake and sub-standard?

Actually I have not received such complaints. If the people of Nigeria or institutions come across issues of that nature, they can bring such to our notice and we will do something about them. So officially or personally, I have not received such complaints.

So what is India’s interest in Nigeria?

India is the largest trading partner of Nigeria, primarily because we import crude oil. Nigeria is a supplier of 12 percent of our crude oil requirements. Globally, India is Nigeria’s largest trading partner and Nigeria is India’s largest trading partner in Africa. The total trade between Nigeria and India in 2014/15 was $16.36 billion.

So do you consider India a good investment destination for Nigerian firms?

Yes.  The Indian government has reduced bureaucracy, and there is now more friendly business environment in India. India has got a bit higher in terms of business environment, business ranking and fast-tracking. India is passing through a positive dynamic phase and I think this financial year, we have brought in so many investors as part of our Foreign Direct Investment (FDI) globally. I believe this is positive for whoever wants to do business with India. We have opened the door to so many foreign investors, doors that were once meant for indigenous investors.    Our government is pro-business and is ready to expedite issues.

So what specific challenges are Indian companies in Nigeria facing?

From the information I have gathered, the major problem Indian companies are facing is the foreign exchange. I know there were conditions that made the government adopt this policy.  But I hope this will not continue to go on. I believe the current Nigerian president is a very dynamic man and will do something about this soon. Indians are really interested in doing business in Nigeria. They love this country. Though there may be some handicaps, they still do not want to leave Nigeria.

Finally, can you tell us something about the recently concluded Indian exhibition.

The basic purpose of the event is to develop economic relations between Nigeria and India. It was meant to show what India can produce, services we can offer and what we have. In August 2015, 100 Indian companies participated in it and we had two deputy governors in Nigeria participating. So it is good we are strengthening our relations.

ODINAKA ANUDU