President Mohammadu in New Delhi warned Indians against shipping fake and sub-standard foods and medicines to Nigeria, saying his government would not tolerate such act. The president gave the warning in an interactive session with Chief Executives of Indian companies with interests in Nigeria. He also assured that Nigeria’s economy was doing well despite the fall in oil prices, expressing hope that with its abundance of human and material resources, the Nigerian economy does not have to suffer unduly from low oil prices, despite its severe impact on government revenues.
He stated that his administration remains fully committed to maintaining macro-economic stability and improving investor confidence in Nigeria.“What is required of us, to which we are strongly committed, is the implementation of tight expenditure controls, effective fiscal and monetary policies, including the husbandry of scarce resources which our introduction of the Single Treasury Account has began to address. We are aware some of these measures may hurt operations of some businesses in the short term, but we believe they are right for a sustainable economy,”he said.
The president who also noted that India has been a dependable ally and friend of Nigeria urged the Chief Executives to expand their companies’ investments in Nigeria “so that we can, together, turn our engagements into a win-win situation for our two countries”. He also called the country to increase its trade volumes with Nigeria in the areas of agriculture; green technologies in power generation; infrastructure; information and communications technologies; education amongst others to grow beyond the current US$16.36 billion.
“We can increase and diversify the current volume of our bilateral trade beyond US$16.36 billion, and diversify to other critical sectors such as agriculture; green technologies in power generation; infrastructure; information and communications technologies; the services sector; education; industry, especially textiles and solid minerals among others,” the President told them. President Buhari also urged the Indian CEOs, to accept the changes in policy being introduced by his administration and observe all extant Nigerian laws in running their business in the country.