Rand Merchant Bank Optimistic about $11.8bn Indo-Nigeria Trade Potential

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RMB expresses confidence in trade relations between Nigeria and India following business forum.*

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Rand Merchant Bank (RMB) is expressing optimism regarding the trade potential between Nigeria and India, estimated at around $11.8 billion. This sentiment follows the recent India-Nigeria Business Forum held in Abuja.

Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, highlighted the significance of India as one of Nigeria’s top 10 trading partners, emphasizing Nigeria’s position as India’s largest trading partner in Africa. The total bilateral trade between the two nations reached $14.95 billion in 2022, showing the importance of their trade relations. Although it experienced a dip to $11.8 billion in the previous year, the figures underscore the ongoing importance of economic ties.

Chidi Iwuchukwu, Head of Investment Banking at RMB Nigeria, emphasized the bank’s strategic participation in the forum to deepen relationships, enhance visibility, and contribute to the growth of the Indo-Nigeria trade corridor. He expressed enthusiasm about the immense potential in the region and RMB’s role in the economic resurgence.

RMB India’s Indo-Africa Coverage Specialist, Shivank Goel, reiterated the bank’s commitment to expanding its presence in the Indo-Nigeria corridor. Identifying this market as crucial to its global strategy, the bank aims to strengthen relationships and increase its market share through active participation in forums like this.

The forum serves as a platform to bolster business relations between India and Nigeria, with RMB’s active involvement highlighting its growing influence in the banking industry and dedication to facilitating business interactions between the two economies.

Adeniyi Ogunfowoke
Adeniyi Ogunfowokehttps://naija247news.com/
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