Nigeria, India to conclude early local currency settlement system pact

Such a system would help in promoting the use of Indian rupee and Nigerian naira for cross-border transactions.

The session was held after a five-year gap.

Both sides also identified several focus areas to enhance bilateral trade and investment. These include crude oil, natural gas, unified payments interface, power and renewable energy, agriculture, transport, railway, aviation and development of micro, small and medium enterprises, a news agency reported.

The Indian delegation was led by additional secretary in the commerce ministry Amardeep Singh Bhatia.

Bilateral trade between the two nations stood at $11.85 billion (exports $5.2 billion and imports $6.7 billion) in fiscal 2022-23 and about $15 billion in fiscal 2021-22.

ALCHEMPro News Desk (DS)