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G-20 Summit: Nigeria Secures $14bn from India’s Economic Partnership; Tinubu hails Indian investors
G-20 Summit: Nigeria secures $14 billion from India’s economic partnership; Tinubu hails Indian investors
Nigeria has gotten about $14 billion from the G-20 Summit on Indian-Nigerian Economic Partnership currently held in Delhi, the Indian state capital, a presidential spokesperson has said.
NewsReport Nigeria reports that in a statement released by Ajuri Ngelale on Wednesday, President Bola Tinubu praised Indian investors for their large investment commitments.
The president also asserted in the statement that Nigeria offers the finest return on investment, and he pleaded with investors to quit holding off on making investments there.
The president was quoted as saying, “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.”
Among these several new investments, Indorama Petrochemical Limited reportedly promised an additional $8 billion US for the expansion of its petrochemical and fertilizer production facility in Eleme, Rivers State.
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 personal intervention, Mr. Jitender Sachdeva, the founding president of SkipperSeil Limited, declared that he is investing $1.6 billion USD in the construction of twenty 100 MW power generation plants across the states of Northern Nigeria, adding 2,000 MW of new power over the course of the following four years.
The Defense Industries Corporation of Nigeria (DICON) will become 40 percent self-sufficient in local manufacturing and production of defense equipment in-country by 2027 thanks to the President’s approval of the finalization of a new $1 billion U.S. dollar partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.
Another Indian company, Bharti Enterprises, has committed to investing an additional $700 million in Nigeria, with the project set to start right away. Bharti Enterprises is a significant first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality.
President Tinubu thanked everyone and emphasized that under his practical leadership, agreements must now materialize in industries and jobs on the ground in Nigeria.
The president also 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.
G-20 Summit: Nigeria secures $14 billion from India’s economic partnership; Tinubu hails Indian investors
His words
“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,” the president affirmed.
“Prospective investors were informed by the President that in Nigeria, there is no free lunch or shortcuts, but that he has “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 added, reiterating 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.
In his speech to the roundtable on “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” Minister of Finance and Coordinating Minister of the Economy Wale Edun thanked Mr. Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.
The Finance Minister praised the Tata Group and the many others that responded right away to Mr. President’s courageous and decisive actions to address the significant structural flaws in Nigeria’s macroeconomic and investment climate.
Speaking further, Mr. Edun outlined the fundamental ideas behind President Tinubu’s eight-point strategy, stressing that it is built on the principles of the rule of law and anti-corruption and aims to advance growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play.
