Africa yet to realise potential in trade with India

Mr Adeniyi Adebayo, Minister of Industry, Trade and Investment, has said African countries had not yet realised their true potential in bilateral trade with India.
Adebayo made this known at the 16th Confederation of India Industry – EXIM Bank (CII-EXIM) Conclave on India and Africa Project Partnership with the theme: “Harnessing the Africa-India Opportunity: Connect, Create, Collaborate.”
Adebayo, in a statement by his Special Assistant, Media, Mr Ifedayo Sayo, said African countries predominantly exported raw crude oil and other extractive resources to India.
“India is now Africa’s third largest trading partner. Yet the bilateral trade data and patterns suggest that true potentials have not been realised as African countries predominantly export raw crude oil and other extractive resources to India.
“In the light of Africa Continental Free Trade Area (AfCFTA), as African countries aim to reduce economic dependence on resource trade, India could play a catalytic role in Africa’s collective efforts to boost manufacturing and service exports,” he said.
He listed the main export destinations for India in Africa to include South Africa, Kenya, Egypt, Nigeria, Tanzania, Mauritius, Mozambique, Algeria, Ghana, and Ethiopia.


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