Nigeria, India sign agreement on long-term crude oil, LNG supply

The Nigerian and Indian governments have pledged to strengthen ties in key areas including economic development, defence, healthcare and food security.
These were among the key points statement arising from Sunday’s meeting between President Bola Tinubu and Indian Prime Minister, Narendra Modi, in Abuja.
In a statement issued on Sunday by the presidential spokesman, Bayo Onanuga, the two leaders highlighted the vibrant economic relationship between both countries, with India positioned as Nigeria’s largest trading partner and a significant contributor to its economy.
President Tinubu commended the contributions of over 200 Indian companies operating in the country, which have generated substantial employment and investment opportunities for Nigerians.
On trade expansion, both leaders directed their officials to finalise pending agreements.
The statement read: “These include the Economic Cooperation Agreement (ECA), Double Taxation Avoidance Agreement (DTAA), and the Bilateral Investment Treaty (BIT), to boost trade and investment.
“The fruitification of some of the investments agreed to by the Indian companies during the visit of President Tinubu to India in September 2023 and committed to facilitating early finalization of the remaining investments.”
In the highlights, India reaffirmed its commitment to supporting Nigeria’s infrastructure development through concessional lines of credit and technical expertise.
Nigeria and India also agreed on long-term contracts for crude oil and liquified natural gas (LNG) supply and technical support in pipeline transmission security, compressed natural gas (CNG) conversion and liquified petroleum gas (LPG) bottling distribution.

source: ripplesnigeria.com

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