Indian investors pledge to invest $14bn in Nigeria on the sidelines of the G20 summit in New Delhi

INDIAN investors have indicated their readiness to facilitate fresh investments in Nigeria worth up to $14bn particularly in the petroleum and steel sectors as part of an industrial expansion involving both nations.


Nigeria's President Bola Tinubu is currently attending the G20 summit being hosted by India in New Delhi. Taking place on the sidelines of the summit, the Nigeria-India Presidential Roundtable and Conference is a gathering of businessmen and entrepreneurs from both nations, who are committed to boosting economic growth.


Chief Abjure Ngelale, President Tinubu's spokesman, listed the new investments to include Indorama Petrochemical, which has pledged a new investment of $8bn in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State. Also, Jindal Steel and Power, one of India’s largest private steel producers, has committed to investing $3bn in Nigeria.


In addition, Jitender Sachdeva, the founding president of Skipper Seil, announced that following President Tinubu’s personal intervention, he is investing $1.6bn in power generation plants across northern Nigeria, to generate 2,000MW of new power over the next four years.


Additionally, the president has approved the finalisation of a new $1bn agreement to bring the Defence Industries Corporation of Nigeria to 40% 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. Another Indian firm, Bharti Enterprises, which is a major first-generation corporation with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate and hospitality, has expressed its commitment to invest an additional $700m in Nigeria, with work set to begin immediately.


President Tinubu 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.


“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 will solve problems.”


Emphasising that under his leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, the president 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. Prospective investors were informed by  President Tinubu that in Nigeria, there is no free lunch or shortcuts but that he has good economic policies for the investors, as well as able men and women on the ground, who can drive the goal of broad prosperity through investment and infrastructure.


Nigeria's finance minister Wale Edun, who delivered a paper titled Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy, thanked the chairman of Jindal Steel and Power, Naveen Jindau, for the new $3bn investment in iron ore processing and steel development in Nigeria. Commending the Tata Group and so many others who have immediately responded to the president’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, the finance minister said the Tinubu administration believed in fair play based on a foundation of the rule of law and anti-corruption.