Moneycontrol PRO
HomeNewsBusinessMarketsIndia now Nigeria's biggest crude oil buyer

India now Nigeria's biggest crude oil buyer

On the bilateral trade, Indian High Commissioner to Nigeria Mahesh Sachdev said the present figure stands at USD 10 billion even as the total investment of India in Nigerian economy could be valued at USD 16.6 billion.

July 15, 2013 / 11:13 IST

India now leads the United States in the purchase of crude oil from Nigeria, Indian High Commissioner to Nigeria Mahesh Sachdev has said.

Also Read: Refining in edible oil becomes uneconomical: India Ratings

He said recent statistics showed that India had been buying more of Nigeria's crude than the US over the last three months. "India will continue to cooperate with Nigeria to improve its economy and it will also assist the country in capacity building of workers in both the public and private sectors," Sachdev said during a courtesy visit to the Governor of Niger state in northern Nigeria last Wednesday.

On the bilateral trade, he said the present figure stands at USD 10 billion even as the total investment of India in Nigerian economy could be valued at USD 16.6 billion.

He disclosed that India would partner with the government of Kano state to establish a film city and also collaborate with the Niger state government to establish health care facilities as well as improve agriculture. He also promised assistance in the state on the training of young people who wish to embark on vocational education.

Governor of the state Babangida Aliyu commended India for being one of the few countries that had kept faith with strengthening the work force. According to him, this has helped Nigeria to develop in every ramification.

first published: Jul 15, 2013 11:13 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347