Bilateral trade between India and Nigeria touched a record $14.6 billion in the financial

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year ended March 31, 2011, a significant rise from $8.7 billion in the previous fiscal, Indian high commissioner to the oil-rich African nation Mahesh Sachdev has said.

Sachdev, who was a guest speaker at the second quarterly business luncheon of the Lagos Chamber of Commerce and Industry (LCCI) over the past weekend, said Nigeria's exports to India stood at $12.4 billion in FY'11, a 71 per cent increase year-on-year, while India's exports to the African country grew by 58 per cent to $22 billion.

Explaining the advantageous position of Nigeria in this regard, the envoy said the African country is the largest supplier of petroleum to India outside the Gulf countries.

"It is strategic commodity that we need and we are happy to come 7,000 kilometres across Cape of Good Hope to pick up oil in Nigeria, which we regard as a stable partner," he said, adding that total trade growth was 69 per cent in the last year.

He said other commodities that India imports from Nigeria include wood and cocoa, while the items Nigeria imports from India include petroleum products, vehicle equipment, electrical machinery, pharmaceuticals, electronics, steel, metals and chemicals.

The envoy harped on the need for Nigeria to revitalise its palm oil producing sector as Indians need more of the products on a daily basis.

He attributed the increase in trade to good people-to-people contacts on both sides, besides other factors, and disclosed that more than 12 Indian companies have shown interest in the country's power sector, which the presidency has promised to refurbish through privatisation.

The LCCI was established in 1888 and is the premier chamber of commerce in Nigeria, located in the country's commercial nerve centre of Lagos.

Relations between India and Nigeria have been cordial, with the former establishing its mission in 1958 before the African country got independence in 1960.