Nigeria now has a pledge of significant foreign direct investment amounting to nearly $14 billion from Indian investors.
President Bola Tinubu who took the commitments during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, says there is nowhere else like Nigeria that offers the best returns on investment.
At the Nigeria-India Presidential Roundtable and Conference on the sidelines of the G-20 Summit in New Delhi, India, the Indorama Petrochemical Limited pledged a new investment of $8 billion in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
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Jindal Steel and Power Limited, one of India’s largest private steel producers, committed $3 billion of investment in Nigeria. While the founding President of SkipperSeil Limited, Jitender Sachdeva announced he will invest $1.6 billion in the establishment of twenty 100MW power generation plants across Northern Nigeria, amounting to 2,000MW in next four years following President Bola Tinubu’s personal intervention.
Additionally, President Tinubu approved finalisation on a new $1 billion agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through comprehensive new partnership with the Managing Arm of the Miltary-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, has expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
Emphasising that under his leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu expressed gratitude to all Indian investors who have responded positively to his administration’s efforts to improve the country’s macroeconomic and investment climate.
