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Nigeria and India Will Shortly Finalize Settlement System for Local Currency Trade

© Photo India's Ministry of Commerce & IndustrySigning of a trade cooperation agreement between India and Nigeria
Signing of a trade cooperation agreement between India and Nigeria - Sputnik Africa, 1920, 03.05.2024
Nigeria is India's second-largest trade partner in Africa. Bilateral trade between the two countries totaled $11.8 billion in 2022–2023, according to the Indian government figures.
Nigeria and India will soon finalize a mechanism for settling trade between both nations in local currencies, according to a statement from the Indian Ministry of Commerce.

"Both sides agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties," the document read.

The agreement was reached following a meeting of the Joint Trade Committee in Nigeria's capital, Abuja.
Aside from that, the parties intend to improve cooperation and resolve issues related to market access in both countries. In particular, they intend to interact in the fields of pharmaceuticals, energy, crude oil and natural gas trading, agriculture, and the food industry. The nations also plan to establish a unified payment interface.
Recently, there have been increasing calls for the liberation of international trade from the hegemony of the US dollar and the transition to trade in national currencies. This movement is led, in particular, by BRICS, of which India is a founding member and which Nigeria wants to join.