India and Nigeria Need to Have Closer Ties in The Textiles Sector

India and Nigeria need to have closer ties in the textiles sector, Nigeria’s Minister of Industry, Trade and Investment Olusegun Aganga said during a meeting with business delegates from India in Lagos recently.   Mr. Aganga said India has become Nigeria’s top trade partner and called for increased cooperation between the two nations in the areas of textiles, energy, pharmaceuticals and maritime security.   He added that his Ministry would collaborate with the Indian Government for industrial skill development and enhancing trade facilitation between the two countries.   In response, Rani Mallick, First Secretary in High Commission of India, said that the Indian Government is ready to work with Nigeria to boost skills acquisition among Nigerians and to further facilitate trade between the two countries.   Trade volume between India and Nigeria was US$ 16.67 billion in 2013, with the balance of trade being in favour of Nigeria, Mrs. Mallick said.   Mr. Aganga noted that in accordance with the Industrial Revolution Plan of the Federal Government, a new policy would soon be unveiled to revamp and fast-track the growth and development of the cotton, textile and garment sector.   The new policy would address the various problems facing the sector, including access to long-term finance to help the textile manufacturers enhance their production capacity.   Moreover, the focus of the Federal Government would be on improving the quality and quantity of the country’s trade through value addition, in order to enhance the export of finished products, and in the process create more jobs and earn greater amount of foreign exchange for the country, Mr. Aganga said.   A new Common External Tariff is scheduled to take effect in January 2015, which would remove the current imbalance in import tariff structure.