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Boost for Nigeria as Indian Investors Pledge $14 Billion

Boost for Nigeria as Indian Investors Pledge $14 Billion

Nigerian President Bola Tinubu on Wednesday, September 6 commended Indian investors for investment pledges amounting to $14 billion U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.

According to a press release from Nigeria State House, the President welcomed the Indian investors into the Country urging them to invest because of the best returns the country offers.

“We are ready to give you the best returns for investment possible, there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”

The investors pledged new investment projects in Nigeria that will help to spearhead the Countries economy as both sides gear towards the G20 summit.

Among these many new investments, Indorama Petrochemical Limited pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

Jindal Steel and Power Limited, one of India’s largest private steel producers, committed to investing $3 billion in Nigeria.

Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Bola Tinubu’s personal intervention, he is investing $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years. 

Additionally, the President has approved finalization on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in the country by 2027 through a comprehensive new partnership with the Managing Arm of the Military-Industrial Complex of the Indian Government.

Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.

Tinubu assures Indian Investors

President Tinubu emphasized that under his leadership, agreements must manifest in industries and jobs on the ground in Nigeria.

Tinubu also expressed gratitude to all Indian companies and individuals who responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.

“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” the President affirmed.

The President also informed prospective investors, that in Nigeria, there is no free lunch or shortcuts, but the country will offer good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.

“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the President stated.

The President also reiterated that Nigeria is open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny. 

Following the Roundtable meeting, the President met individually with each of the top pledging investors to finalize on the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.