Abuja, Nigeria, October 09: Nigeria has achieved remarkable success, securing investment commitments totaling nearly $14 billion from Indian investors while actively pursuing an economic cooperation agreement with India. This development was confirmed by a spokesperson for the Nigerian president on Wednesday.
Notably, Jindal Steel and Power from India has pledged an impressive $3 billion investment in Nigeria’s steel sector, signifying a significant boost for the country’s industrial capabilities.
Furthermore, Indorama Corp has revealed its plans to invest an additional $8 billion to expand its petrochemical facility within Nigeria, highlighting the growing confidence in the West African nation’s economic prospects.
In addition to these substantial investments, Skipperseil Ltd’s founding Chairman, Jitender Sachdeva, and India’s Bharti Enterprises have each committed substantial amounts. Sachdeva’s pledge of $1.6 billion over four years aims to establish power generation plants, a crucial step towards addressing Nigeria’s energy needs.
Bharti Enterprises, on the other hand, has committed $700 million to support various initiatives within Nigeria.
In a separate development, the Indian government has also approved a $1 billion partnership agreement with Nigeria.
This partnership will play a pivotal role in bolstering the Defense Industries Corporation of Nigeria, aiming to achieve 40% self-sufficiency in local manufacturing and production of defense equipment within three years.
President of Nigeria Bola Tinubu, who attended the G20 summit in New Delhi on special invitation of a guest country India, played a key role in fostering these investment commitments. Tinubu’s engagement with Indian investors took place within the framework of the Nigeria-India presidential roundtable and conference, which seeks to attract global capital for infrastructure development.
Tinubu, extending a warm invitation to potential investors, emphasized Nigeria’s commitment to offering attractive returns on investments. He asserted, “We are ready to give you the best returns for investment possible; there’s nowhere else like our country.”
Nigeria’s government, recognizing the need for sustainable development, aims to encourage investments rather than solely relying on borrowing to fund essential projects such as railways, roads, and power plants.
President Tinubu’s bold reforms, which include the removal of a costly petrol subsidy and the easing of foreign exchange trading restrictions, reflect the nation’s determination to revitalize its economy, combat unemployment, and tackle inflation.
Nigeria, Africa’s most populous nation, is contemplating the possibility of becoming the second African member of the G20, following in the footsteps of South Africa. Expert opinions suggest that Nigeria is poised to lead Africa’s growth story in the coming decades.
According to the Indian High Commissioner in Abuja, India is currently one of Nigeria’s top investors with investments exceeding $15 billion and steadily increasing, underscoring the deepening economic ties between the two nations.
India’s strategic investments in Africa, particularly in Nigeria, are aligned with its status as the world’s fifth-largest economy and its role as the fastest-growing major economy.
India is leveraging its public-private sectors to facilitate strategic as well as capacity-building investments in Africa and the broader global South. With growing economic and technological capacity, India is set to become the major developmental partner for the entire Global South.
