India became the biggest buyer of Nigeria’s crude oil

Jul 15, 2013 13:19 IST

India in the month of July 2013 has surpassed the U.S. as the top buyer of Nigerian crude oil.

As per the recent statistics it has been that India had been buying more of Nigeria’s crude than the U.S. over the last three months in year 2013.

India will continue with its effort of cooperating with Nigeria to improve its economy and it is supposed to assist Nigeria in capacity building of workers in both the public and private sectors.

India is set to tie up with the government of Kano state to establish a film city and will also going to collaborate with the Niger state government to establish health care facilities as well as improve agriculture. It also promised assistance in the state on the training of young people who wish to embark on vocational education.

Some Important Points to Remember

• Talking on the front of bilateral trade, the present figure stands at 10 billion dollars , even as the total investment of India in Nigerian economy could be valued at 16.6 billion dollars.
• India in recent times has reduced its dependence on Iranian oil in the wake of the U.S. and European sanctions on the import of oil from the Islamic Republic.

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Read more Current Affairs on: Nigeria , crude oil , India

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