Nigeria and India Move To De-Dollarize their Trade

India and Nigeria will soon sign an agreement to conduct trade in local currencies. They took the decision at a meeting of the Joint Trade Committee in Abuja, Nigeria recently. They also agreed to establish a unified payment interface. “Both sides agreed to early conclusion of the Local Currency Settlement System Agreement to further strengthen bilateral economic ties,” according to a statement from the Indian Ministry of Commerce, reported Sputnik yesterday. They also agreed to improve cooperation and bilateral trade issues to increase trade in the fields of pharmaceuticals, energy, crude oil and natural gas trading, agriculture, and the food industry. Bilateral trade between the two countries totaled $11.8 billion in 2022–2023, making Nigeria India’s second largest trade partner in Africa. India is a BRICS member, and Nigeria has expressed interest in joining. Within BRICS there have been moves to de-dollarize trade as well.