Lagos, India to boost trade partnership


May 1, 2024.

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Azonuchechi Chukwu.

The Lagos Chamber of Commerce and Industry and the Confederation of Indian Industry have signed an agreement to boost trade partnership.

In a memorandum of understanding in Lagos on Tuesday, both parties observed that the agreement would enhance avenues for effective collaborations.

Lagos Chamber of Commerce and Industry Deputy President Knut Ulvmoen said that the partnership’s focus was to leverage the trade capacity of both parties.

Ulvmoen said that both parties would explore capacity in Information and Communication Technology, medical, training, agriculture, manufacturing and export, among others.

He acknowledged what he described as a robust and enduring trade relations between Nigeria and India.

He noted that over the years, both nations had witnessed a steady growth in bilateral trade with significant contributions from various sectors.

“Today’s meeting serves as a platform to, not only strengthen the existing partnerships, but also to forge new alliances that will contribute to the sustainable growth and development of both nations.

“Together, we must seize this moment to identify synergies, exchange expertise, and explore innovative solutions to economic challenges.

“Let us leverage the collective wisdom of our industries to develop actionable strategies that will drive inclusive growth, foster entrepreneurship, and enhance competitiveness.,” he said.

Indian High Commissioner Shri Balasubramanian expressed his belief in shared growth and prosperity by both countries.

He also emphasised the importance of Nigerian-Indian business collaboration.

Balasubramanian stated that the government of India was making efforts to build capacity in trade, seeking private sectors’ partnership to identify projects that could be profitable to the trade structure of both countries.

“The opportunities existing between both countries are enormous as more than 155 Indian companies in Nigeria employ many Nigerians.

“From oil to steel; to healthcare, we are willing to link Nigerians up with their counterparts in India as we explore avenues of collaboration and partnership,” he said.(

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Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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