India Offers Nigeria $5bn Line Of Credit

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Nigeria can explore $5bn line of credit with low interest rate from India, the Indian High Commissioner to Nigeria, Abhay Thakur, has said.

Thakur
made the disclosure when he visited the Minister of Communications,
Adebayo Shittu, according to a statement made available to our
correspondent in Abuja on Monday.

He said that the Prime Minister
of India made available to Africa $10bn credit line during India –
Africa Forum Summit out of which only fifty per cent had been utilised.

The
Indian envoy added that Nigeria had the opportunity to explore the
credit line which had an interest rate of only 1.75 per cent.

“This
is a good facility which to my knowledge half of it has just been
utilised and for Nigeria, we can enhance our areas of collaboration,”
the envoy said.

Thakur said India was making moves to upgrade the
bilateral agreement existing between both countries in the areas of
human capacity development, e-government, industrialisation and
Information and Communications Technology.

Responding, Shittu said India was one of the best countries Nigeria had enjoyed a relationship with in terms of partnership.

Shittu
said, “In the area of bilateral agreement, we can raise a team to work
on crucial areas and look at the details and appraise what we can do on
low hanging fruit that would be beneficial to both countries.

“A
lot of Indian companies had often indicated interest to invest in
Nigeria by way of establishing industries but rarely translate such into
action, hence, the need to encourage them to translate such interest
into reality.”

The minister called on the envoy to encourage
India investors to establish a 5G village in Nigeria and also partner
with stakeholders in building the proposed ICT Park in Abuja which is
expected to be located in a free trade zone that would add beauty and
elegance to the country as well as boost revenue base of the investors.

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