“Nigeria has successfully secured nearly $14 billion in investment commitments from Indian investors and is actively pursuing an economic cooperation agreement with India, as announced by a Presidential spokesperson on Wednesday.
Several notable investments include Jindal Steel and Power pledging $3 billion for Nigeria’s steel sector, Indorama Corp planning an $8 billion expansion of its petrochemical facility in the country, Skipperseil Ltd’s Chairman, Jitender Sachdeva, and India’s Bharti Enterprises committing $1.6 billion each over four years to establish power generation plants and invest $700 million in Nigeria, respectively.
Additionally, Nigeria has approved a $1 billion partnership agreement with the Indian government to assist the Defence Industries Corporation of Nigeria in achieving 40% self-sufficiency in local manufacturing and production of defense equipment within three years.
President Bola Tinubu, representing a guest country, will participate in the G20 summit in New Delhi later this week, where he engaged with Indian investors during the Nigeria-India presidential roundtable and conference aimed at mobilizing global capital for infrastructure development.
Tinubu, attending at India’s invitation as they hold the rotating presidency of the bloc, assured potential investors by saying, ‘We are ready to provide you with the best possible returns on investment; there’s nowhere else like our country.’
The Nigerian government aims to promote investments as an alternative to excessive borrowing for job creation and critical infrastructure development, including railways, roads, and power plants. Tinubu’s administration has initiated bold reforms, such as eliminating a costly petrol subsidy and lifting foreign exchange trading restrictions, in an effort to revive the economy and address issues like high debt, sluggish growth, unemployment, and double-digit inflation.
Furthermore, Nigeria, Africa’s most populous nation, is contemplating joining the G20 as its second African member after South Africa, and is conducting consultations to assess the associated risks and benefits.”
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