India is set to pump about five billion dollars into the Nigerian economy and has pledged to continue purchasing Nigeria’s crude oil.Indian Vice President Mohammad Hamid Ansari, made these pledges at the Presidential Villa on Tuesday while visiting both President Muhammadu Buhari and his Vice President, Yemi Osinbajo.
India is the leading buyer of Nigeria’s crude oil, and has resolved to increase its purchase of the commodity and natural gas.
The Asian country is also through its business community, looking to increase its investments in the Nigerian economy currently about 10 billion US Dollars with an additional 5 billion US dollars.
This was cheering news to President Muhammadu Buhari who pledged that Nigeria will continue to expand its relationship with India in the areas of health, education, agriculture, technology and trade, especially now that Nigeria is serious about diversifying it’s economy.
President Buhari said his administration will emulate the Asian country’s agricultural model which feeds its population of about one billion.
And right from meeting with President Buhari the visiting Vice President had bilateral discussions with a delegation led by Vice President Osinbajo in which several agreements were signed.
Both Vice Presidents agreed that there is need to reactivate within the shortest possible time the Nigeria-India Joint Commission.
A Memorandum of Understanding on Product Standardization and a Letter of Intent was signed to conclude the number of diplomatic issues touched, including Customs cooperation, Prisoner transfer, Renewable energy and Visa issues.
