President Bola Tinubu has praised Indian investors who have made major investment pledges totaling over $14 billion.
Tinubu gave the remark on Wednesday during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, according to Ajuri Ngelale, special adviser to the President on media and publicity.
The President, according to a statement released by Ngelale assured them “best returns for investment possible,” adding that “there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
Ngelale listed the investors as Indorama Petrochemical Limited, which pledged a $8 billion new investment in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State, and Jindal Steel and Power Limited, one of India’s largest private steel producers, with a commitment to invest $3 billion in Nigeria, following discussions with Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
Others include Jitender Sachdeva, the founder president of SkipperSeil Limited, who announced a $1.6 billion investment in the building of 20 100MW power producing plants across Northern Nigerian states, totaling 2,000MW of new power over the next four years.
“Additionally, the President has approved finalisation on a new $1 billion agreement to bring the Defense Industries Corporation of Nigeria to 40 percent 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 Miltary-Industrial Complex of the Indian Government,” the statement said.
He also revealed that another Indian firm, Bharti Enterprises, a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, has expressed a commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
