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India tops list of Nigerian oil buyers
July 15, 2013, 9:14 am

[Getty Images]

Nigeria is dependent on oil reserves for the majority of state revenues [Getty Images]

Official figures show that India has overtaken that United States as the top buyer of crude oil from Africa’s biggest producer, Nigeria.

Experts believe the discovery of shale oil and gas in the US has led to a decline in oil imports.

Indian High Commissioner to Nigeria Mahesh Sachdev said India has been buying more of Nigeria’s crude oil than the US over the last three months.

“India will continue to cooperate with Nigeria to improve its economy and it will also assist the country in capacity building of workers in both the public and private sectors,” Sachdev said in Abuja.

Indian investments in Nigeria could be valued at $16.6 billion, according to the diplomat.

Nigeria is Africa’s second largest economy and is dependent on oil reserves for the majority of state revenues.

India, which has a multi-billion dollar film industry will aid a film city in the Nigerian state of Kano, announced Sachdev.

The continent’s most populated country will aso receive help from India in a number of other sectors including health, agriculture and vocational training.

Governor of the state Babangida Aliyu commended India for being one of the few countries that had kept faith with strengthening the work force.

Bilateral trade between India and Nigeria stands at $10 billion.

Source: Agencies

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