Indian agrochemical firms seek business opportunity in Nigerian market

Determined to find a new market for the distribution of its agrochemical and allied products, 18 Indian based agrochemical and allied companies recently stormed Nigeria to broker business deals with interested Nigerian investors as well as importers.

The Indian companies offered opportunities for Nigerian companies that are willing to go into joint venture business, distribution and marketing of made-in-India agrochemical products in Nigeria. This is to expand the already growing market demand for Indian agrochemical and allied products in Nigerian.

Pradip Dave, president, Pesticides Manufacturers and Formulators Association of India (PMFAI), told BusinessDay at the Indian agrochemical exhibition held in Lagos, that the current market for Plant Protection Chemicals (PPC) in African is worth $2.5 billion (2 percent of the world market). He added that it is expected that African PPC market will grow to $4 billion in the next few year.  

This, according to him, is due to the priority African governments place on the development of agriculture with modern facilities so as to boost agricultural exports from Africa to other parts of the world. The PPC products include 30 percent herbicides; 40 percent insecticides; 15 percent fungicides; 8 percent growth regulators and seed treatment chemicals as well as 7 percent rodenticides, and others.

“There is a good market for agrochemicals in Nigeria and the meeting with Nigerian importers provides us the Indian manufacturer’s opportunity to expand our businesses by way of multilateral trade, joint venture, sub-contracting, contract manufacturing and distribution,” he explained.

While Suhas Gangarm Bharadi, acting executive director of Indian Basic Chemicals, Pharmaceutical and Cosmetics Export Promotion Council (CHEMEXCIL) said that the Nigerian market currently consumes about N1.45 billion ($90 million) worth of made-in-India agrochemical and allied products.

He hinged the purpose of the exhibition on Indian government intention to strengthen the bilateral trade relationship with Nigeria, expand existing business with Nigeria and create a positive brand image for Indian agrochemical and allied products.