Four big businesses from India are promising to invest $14 billion in Nigeria. The news came out on Wednesday during a special meeting between leaders from Nigeria and India.
The special adviser to President Bola Tinubu on media and publicity Ajuri Ngelale, made the announcement.
Nigeria’s President, Tinubu while speaking at the meeting praised the Indian companies.
Addressing four Indian conglomerates, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, Tinubu said “Your investments in Nigeria will bring good profits.”
Tinubu is in India’s capital, New Delhi, for a big meeting of world leaders (G20) happening on September 9 and 10.
He further stated that Nigeria is a great place to put money.
He told the Indian businesses not to worry, adding that his team knows how to make the country rich through good plans and building things.
The statement quoted Tinubu saying, “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.
“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.”
Indorama Petrochemical Limited was said to have pledged $8 billion in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers.
Jindal Steel and Power Limited, one of India’s largest private steel producers, also committed to investing $3 billion, while Jitender Sachdeva, founder of SkipperSeil Limited, announced an investment of $1.6 billion in the establishment of 2,000MW power generation plants across northern Nigerian states.
Ngelale said a new partnership with the managing arm of the military-industrial complex of the Indian government led to the finalisation of a $1 billion agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 per cent self-sufficiency in local manufacturing and production of defence equipment in-country by 2027.
In addition, Bharti Enterprises committed to invest an additional $700 million in Nigeria.
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