Lagos Business School - Unlocking Business Possibilities: Lessons from Nigeria-India Partnership

[LBS]

A panel-led discussion aimed at creating awareness for businesses in Nigeria and India to explore opportunities for investments and joint ventures and improve bilateral trade held at Lagos Business School yesterday.

Indian High Commissioner to Nigeria, Mr Mahesh Sachdev, in his introductory address to the panellists and audience disclosed that India is Nigeria's second largest trading partner and largest investor, recording $5 billion in investments in 2010.

Sachdev gave the main items of trade from Nigeria to India as crude oil, wood and cocoa, while from India to Nigeria, he said the main items are petroleum products, vehicle equipment, electrical machinery, pharmaceuticals, electronics, steel, metals and chemicals.

In exploring the bilateral opportunities, Sachdev said the potential exports from Nigeria to India were palm oil, solid minerals, cashew, handicrafts and herbs, while Nigerian importers from India could explore foodstuff, commodities, consumer goods as well as engineering goods and services.

Following the presentation from the High Commissioner, the panellists provided lessons from their experience with the Nigerian-Indian partnership to enable firms unlock the potentials and benefit from the emerging opportunities.

On the panel were Professor Olawale Ajai, professor of legal, social and political environment of business at LBS; Mr Leo Stan Ekeh, chairman of Zinox Technologies Ltd; Dr Harbhajan Batth, group chief information officer of Chellarams Plc; Dr Uduimo Itsueli, chairman of the Nigerian-Indian Chamber of Commerce and Industry; and Mr Subhomoy Bhattacharjee, executive editor of Financial Express – India.

The panel described Nigeria as a sea of business opportunities, and advised businessmen to leverage on the existing relationship between both countries, to increase people-to-people interactions and to break down erroneous stereotypes. They also advised Indian business men to get involved in infrastructure development in Nigeria to help provide the enabling business environment, to build techno-partnerships that add value to both parties, and to consider using Nigeria as a regional hub for business process outsourcing and medical tourism.

Nigeria can also learn from India's focus on inclusive innovation, research in high technology and resilience in getting into the global supply chain in spite of challenges in the business environment.

The discussion was organised by the Indian High Commission in Lagos, in partnership with Lagos Business School and IdeaWorks, a communication design and strategy firm in India specialising in place-branding and public diplomacy projects.

Via: Lagos Business School (LBS)