Business

Indian investors pledge $14bn investments in Nigeria

Indian investors have pledged to invest about $14 billion for the expansion of fertilizer production, telecommunication, and electricity in Nigeria.

The investors made the pledge at the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, on Wednesday, September 6, 2023.

Among the new investments, Indorama Petrochemical Limited pledged a new investment of $8 billion 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, pledged to invest $3 billion in Nigeria, following discussions with President Bola Tinubu on the sidelines of the G-20 Summit in New Delhi.

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

The president also approved finalisation on a new $1 billion agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 per cent 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 Military-Industrial Complex of the Indian Government.

According to a statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, 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, expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.

Speaking, President Tinubu 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.

“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.”

On his part, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, thanked the Chairman of Jindal Steel and Power Limited, Naveen Jindau, for the new $3 billion investment in iron ore processing and steel development in Nigeria.

Edun further commended the Tata group and others who he said have immediately responded to Tinubu’s moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria.

Speaking on behalf of the investors, the Chairman of Bharti Enterprises, Sunil Bharti Mittal, said: “We will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”

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 MoU with Central Square Foundation for co-operation in the field of Sharing Successful Ecosystems, which involve 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 MoU 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 Star