President Bola Tinubu has commended Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi.
President Tinubu told the investors Nigeria was ready to give them the best returns 9n investment possible, adding ‘there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
A statement by his special adviser on media and publicity Ajuri Ngelale says Indorama Petrochemical Limited has pledged a fresh investment of $8 billion U.S. dollars 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, has committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
Founding President of SkipperSeil Limited, 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 Northern Nigerian states 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 Defence Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production equipment in-country by 2027 through a 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.
The statement added that President Tinubu is insistent that agreements signed under his watch must manifest in industries and jobs on the ground in Nigeria.
Editor Oloyede Oworu
