December 5, 2023

Indian investors pledge $14bn investment in Nigeria

Indian investors pledge bn investment in Nigeria

President Bola Ahmed Tinubu says Indian investors have pledged $14 billion in direct investments in Nigeria.

Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this in a statement on Wednesday.

Tinubu spoke during a Presidential roundtable between Nigeria and Indian Investors on the sidelines of the G20 Summit in India.

The President hailed the Indian investors for showing interest in investment in Nigeria.

He pledged that investors would benefit from their investment in the country.

“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,” he said.

Among these new investments, Indorama Petrochemical Limited has pledged $8 billion U.S. dollars to expand its fertilizer production and petrochemical facility in Eleme, Rivers State.

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, Mr Jitender Sachdeva, announced that following President Bola Tinubu’s 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 the finalization of a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 per cent self-sufficiency in local manufacturing and production of defence equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Military-Industrial Complex of the Indian Government.

Also, an 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.

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