Nigeria has secured nearly $14 billion of pledges from Indian investors and seeks an economic cooperation deal with the South Asian nation.
President Bola Ahmed Tinubu lauded the Indian investors for significant investment pledges amounting to nearly $14 billion during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.
The president, in a statement on Wednesday by his spokesman, Ajuri Ngelale, said, “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.”
Ngelale said among these many new investments, Indorama Petrochemical Limited had pledged a new investment of $8 billion in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.
Others include $3 billion pledge by Jindal Steel and Power Limited, one of India’s largest private steel producers, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
He added that 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 the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
The President had 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 a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.
Ngelale said another Indian firm, Bharti Enterprises with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, had expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
President Tinubu, who stressed that under his leadership, the deals must be evident in industries and jobs on the ground in Nigeria.
He expressed gratitude to all Indian companies and individuals who have 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 that he has “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 added.