President Bola Tinubu has commended Indian investors for significant investment pledges amounting to nearly $14 billion committed.
Among these new investments, Indorama Petrochemical Limited has pledged a new investment of $8 billion in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.
Also, Jindal Steel and Power Limited, one of India’s largest private steel producers, has also committed to investing $3 billion in Nigeria, following discussions with Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
In addition, Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following Tinubu’s personal intervention, he is investing $1.6 billion in the establishment of twenty 100 MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
Another 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.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale in a statement issued Wednesday said the Indian investors made the pledge during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.
The President has approved finalisation on a new $1 billion agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.
Tinubu stated: “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 solve problems.”
Prospective investors were informed by the President that in Nigeria, there is no free lunch or shortcuts.
Tinubu added: “I have 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.”
“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world.”
The President reiterated that Nigeria is open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.
The President also told the Summit that “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.