President Bola Ahmed Tinubu announced that Indian investors have committed to investing $14 billion directly into Nigeria’s economy. The news was revealed by Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement released on Wednesday.
President Tinubu made this announcement during a Presidential roundtable held between Nigeria and Indian investors on the sidelines of the G20 Summit in India. He expressed his appreciation for the keen interest shown by Indian investors in Nigeria and assured them of the benefits they would reap from their investments in the country.
“We are committed to implementing sound economic policies that will create a favorable environment for investors. Our nation boasts capable leadership and individuals on the ground who will drive prosperity through investment and infrastructure development,” President Tinubu stated.
Among the notable investments pledged, Indorama Petrochemical Limited has committed to invest $8 billion to expand its fertilizer production and petrochemical facility in Eleme, Rivers State.
Jindal Steel and Power Limited, one of India’s leading private steel producers, has agreed to invest $3 billion in Nigeria following discussions with President Tinubu during the G-20 Summit in New Delhi, India.
Mr. Jitender Sachdeva, Founding President of SkipperSeil Limited, announced an investment of $1.6 billion to establish twenty 100MW power generation plants across Northern Nigeria, contributing to a total capacity of 2,000MW of new power within the next four years, thanks to President Tinubu’s intervention.
In addition to these investments, President Tinubu has given the green light to finalize a new $1 billion agreement with the Defense Industries Corporation of Nigeria (DICON). This partnership aims to achieve 40 percent self-sufficiency in local defense equipment manufacturing by 2027, in collaboration with the Managing Arm of the Military-Industrial Complex of the Indian Government.
Furthermore, Bharti Enterprises, a major corporation in India with diverse 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. The work is set to commence immediately.
