Nigeria and India to Trade Using Local Currencies : Analysis

India and Nigeria are expected to finalize an agreement on local-currency debt settlement to strengthen their economic ties. The countries also discussed cooperation in energy, pharmaceuticals, and transport during the India-Nigeria Joint Trade Committee meeting in Abuja. Both nations aim to enhance bilateral trade and investment in various sectors such as crude oil, natural gas, pharmaceuticals, UPI, power, renewable energy, agriculture, education, and transportation. Nigeria is India’s second-largest trading partner in Africa, with bilateral trade reaching $11.8 billion in 2022-23. However, the trade declined to $7.89 billion in 2023-24. India has around 135 active companies in Nigeria with a total investment of $27 billion across different sectors.

Analysis:
The article presents information on the economic relationship between India and Nigeria, highlighting discussions on local-currency debt settlement and cooperation in sectors such as energy, pharmaceuticals, and transport. The sources of information are not explicitly mentioned, potentially impacting the credibility of the facts presented. The article focuses on the aim to boost bilateral trade and investment but lacks specific details on the terms of the agreement or the potential challenges involved in the process.

There might be a bias towards portraying the discussed agreements in a positive light without delving into potential drawbacks or obstacles that could hinder their successful implementation.

Considering the broader political landscape and the prevalence of fake news, there is a possibility that such articles could contribute to creating a skewed perception by presenting a one-sided positive narrative without acknowledging the complexities and nuances of international economic relationships. It is crucial for readers to critically assess the information presented and seek additional sources for a comprehensive understanding of the topic.

Source: RT news: Nigeria and India to switch to local currencies in trade