Nigerians Find It Hard To Establish businesses In India

Nigerians Find It Hard To Establish businesses In India
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AFRICANGLOBE – Nigeria’s High commissioner in India, Ndubuisi Vitus Amaku said despite the increased bilateral trade volume between both countries, Nigerians are not given equal opportunity to establish small businesses in India compared to what is applicable in the West African country where Indian businesses flourish.

“All over Nigeria, there are Indian restaurants and shops. But here, Nigerians are not allowed to start businesses. The regulations here are too stringent even for petty businesses,” Amaku told India’s IANS in an interview.

The commissioner also complained that Nigerians in India cannot open an account. Amaku said, ”Nigerians living here are even unable to open an account, so how can they start a business?”.

Most of them are unable to start small businesses like barber’s or food shops because of local laws, he furthered.

India is one of Nigeria’s largest trading partners with about $10 billion as at July 2013. Indian High Commissioner to Nigeria, Mahesh Sachdev puts the Indian investment in the country at $6.6 billion, adding that India had been buying more of Nigeria’s crude than the United States government over the last three months.

Trade relation between Nigeria and India improved following India’s Prime Minister Manmohan Singh’s visit to Nigeria in 2007.

Such strategic partnerships that developed between both nations include defense cooperation, under which Nigerian military personnel are able to train in India’s defense establishments. Indian films are also quite popular in Nigeria; thereby giving the Bollywood movie industry a leg-up in the Nigerian terrain.

 

By: Oluwabusayo Sotunde