Indian investors promise to invest $14 billion in Nigeria

According to President Bola Ahmed Tinubu, Indian investors have promised to invest $14 billion directly in Nigeria.

This information was released in a statement on Wednesday by Ajuri Ngelale, the president’s special adviser on media and publicity.

On the eve of the G20 Summit in India, Tinubu spoke at a presidential roundtable between Nigerian and Indian investors.

The Indian investors’ enthusiasm in making investments in Nigeria was praised by the president.

He assured investors that their money would be well spent in the nation.

“Good economic policy for the investors as well as capable men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure,” he said.

To expand its fertiliser manufacturing and petrochemical facilities in Eleme, Rivers State, Indorama Petrochemical Limited has committed $8 billion in fresh investments.

Following meetings with President Tinubu on the margins of the G-20 Summit in New Delhi, India, Jindal Steel and Power Limited, one of the country’s largest private steel producers, agreed to invest $3 billion in Nigeria.

Following President Bola Tinubu’s intervention, Mr. Jitender Sachdeva, the founding president of SkipperSeil Limited, declared that he is investing $1.6 billion USD in the construction of twenty 100MW power generation plants across the states of Northern Nigeria, adding 2,000MW of new power over the course of the following four years.

The President has also given his approval for the completion of a new $1 billion US deal that will enable the Defence Industries Corporation of Nigeria (DICON) to achieve 40% domestic defence equipment production and manufacturing self-sufficiency by 2027 through a comprehensive new partnership with the Managing Arm of the Indian Government’s Military-Industrial Complex.

The commitment to invest an additional $700 million in Nigeria has also been made by an Indian company, Bharti Enterprises, a significant first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality. Work is expected to start right away.