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 \u2013 EXIM Bank (CII-EXIM) Conclave on India and Africa Project Partnership with the theme: \u201cHarnessing the Africa-India Opportunity: Connect, Create, Collaborate.\u201d
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.
\u201cIndia is now Africa\u2019s 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.
\u201cIn 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\u2019s collective efforts to boost manufacturing and service exports,\u201d 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.<\/p>\n\n\n\n