Business opportunities for Indian companies in Nigeria
Pune: After India assumed the presidency of the G-20, Prime Ministers and Presidents of leading countries from around the world are gathering in India for this conference. Representatives of Africa are also present at this conference. To create business opportunities for Indian companies in Nigeria, the founder and chief operating officer of Enyimba Economic City Development (EECD), Mr. C. Darl Uzu, is currently in Delhi for the G-20 meeting. Vishal Jadhav, founder and managing director of Crescendo Worldwide, informed that Uzu's visit to Pune is from September 10 to 13 to encourage Indian investors.
EECD - Enyimba Economic City Development (EECD) a Special Economic Zone (SEZ) under the Made in Nigeria for Export (MINE) programme of the Federal Government of Nigeria with a Free Trade Zone status. Enyimba Economic City Development (EECD) is a transformative initiative in Nigeria aimed at creating a vibrant and sustainable economic hub. This ambitious project is designed to drive industrialization, innovation, and economic growth, positioning Nigeria as a key player in the global marketplace.
EECD Founder and Head of Operations Mr. C. Darl Uzu's visit to Pune from the 10th to the 13th of September 2023 will encourage investments from Indian investors keen on exploring Nigeria and the EECD in particular. Making provisions for generous incentives from local, state, and federal governments for Indian companies doing business in the EECD is at the heart of the India – Nigeria trade facilitation.
Crescendo Worldwide, India’s leading International Trade & Foreign Direct Investment supporting organization has successfully introduced more than 46 companies coming from across a plethora of sectors willing to expand in EECD. These companies also aim at doing re-exports to other African countries considering Nigeria as a strategic location. Mr. Vishal Jadhav, (Founder & Managing Director at Crescendo Worldwide) stated that EECD provides a platter of investment opportunities for companies interested in urban infrastructure development and for investment companies wanting to be a part of EEDC as investors.
“Indian investors planning to invest for a brighter future in sectors particularly related to Automotive, Healthcare, Packaging, Electronics, and Electricals should grab this golden opportunity,” Mr. Kaushal Shah (Associate Vice President, Crescendo Worldwide) said. In continuation of flourishing India-Nigeria trade relations over the last few years Crescendo Worldwide has been an exclusive associate business partner of EECD and is supporting Indian companies to expand their operations in Nigeria.
As a part of investment authority and support, Crescendo Worldwide will also have a delegation of 13 companies visiting EECD Nigeria to overview the facility and discuss and finalize the next plan of action for their investments.
During the fiscal year 2022, India ranked among Nigeria's top 5 trading partners. The bilateral trade volume between these two nations reached a significant US$ 11.8 billion in FY22. Specifically, India's exports to Nigeria amounted to US$ 5,159.44 million, while imports from Nigeria reached US$ 6,692.65 million in the same period. Furthermore, Nigeria hosts more than 135 companies with Indian ownership and/or operation, boasting an estimated investment of approximately US$ 19.3 billion. These Indian enterprises are actively engaged in various sectors, including pharmaceuticals, power and transmission, manufacturing, consumer goods retail, construction, and air services.