Nigerian Energy Export To India To Hit Over $100bn

Nigeria’s export earnings from India will hit over $100 billion by the end of 2030, Bloomberg report citing the Standard Chartered Bank Plc.

According to the British online medium, the proceed is expected to be earned from Nigerian energy export to the Asian giant and second most populous nation in the world, which in 2020 peaked at over $40 billion.

The online newspaper report that India is one of the top destinations for Nigerian exports with over 14 percent of goods exported to the country in the first quarter of this year.

Ricky Kaura, the bank’s Regional Head of Transaction Banking in Asia Pacific, Africa, and the Middle East said that more countries are demanding for Nigerian goods, adding that China and Indonesia will buy more from the countryby 2030.

“There’s a number of macro-economic dynamics that are creating a lot of demand — new marketplaces, newer more progressive organizations”.

“Indonesia and mainland China will also remain key markets for Africa’s biggest economy, accounting for 12% and 10% of exports respectively by 2030” Kaura stated.