President Tinubu gets $14bn investment from India

President Bola Tinubu has secured a 14 billion dollar investment pledge from Indian companies.

The companies made the pledge during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.

President Tinubu told the captains of industry that Nigeria was ready to give them the best returns for investment possible, stressing that there is nowhere else like Nigeria.

Among the many new investment promises, Indorama Petrochemical Limited pledged a new investment of 8 billion dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

Jindal Steel and Power Limited, one of India’s largest private steel producers, committed to investing 3 billion dollars, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.

Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Bola Tinubu’s personal intervention, he was investing 1.6 billion dollars in the establishment of 20 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.

Additionally, the President has approved the finalisation of a one billion dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 percent self-sufficiency in local manufacturing and production of defense equipment by 2027, through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.

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 dollars in Nigeria, with work set to begin immediately.

Emphasising that under his leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu expressed gratitude to Indian companies and individuals responding positively to his administration’s efforts to improve Nigeria’s macro-economic and investment climate.

Minister of Finance and Co-coordinating Minister of the Economy, Mr. Wale Edun, who addressed the roundtable themed, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” thanked the Chairman of Jindal Steel and Power Limited, Mr. Naveen Jindau, for the new 3 billion dollar investment in iron ore processing and steel development in Nigeria.

Commending the Tata Group and many others who have immediately responded to Mr. President’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, the Finance Minister noted, “I also wish to thank Mr. Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million dollars more in Nigeria,” Mr. Edun said.

Also, at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU) for Co-operation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.

The Minister also signed a Memorandum of Understanding with Central Square Foundation for Co-operation in the field of Sharing Successful Ecosystems, which involves interventions relating to education technology, to be implemented at population scale for digital economic transformation.

Under the watch of Nigeria’s Industry, Trade and Investment Minister, Dr. Doris Uzoka-Anite, a third Memorandum of Understanding on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.

The Presidential Roundtable was attended by President Tinubu, Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs; Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.

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