President Bola Ahmed Tinubu has attracted nearly N10.5trn ($14 bn) investment pledges from investors in India.
This is according to a statement issued by presidential spokesman, Ajuri Ngelale, on Wednesday, September 6, 2023.
According to the statement, the commitment was made during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.
Tinubu commending the pledge committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, said “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.”
Tinubu through his spokesperson, Ajuri informed that Indorama Petrochemical Limited pledged a new investment of $8 billion in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers.
He said Jindal Steel and Power Limited, one of India’s largest private steel producers, has committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
Ajuri added: “Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Bola Tinubu’s personal intervention, he is investing $1.6 billion U.S. dollars 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.
“Additionally, the President has approved finalization on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% 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.
“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 in Nigeria, with work set to begin immediately.
“Emphasising that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, 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.”
According to the statement, Tinubu urged investors not to delay, assuring that all observed impediments will be resolved.
“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,” the President affirmed.
The statement added that the president informed prospective investors that in Nigeria, there is no free lunch or shortcuts, but that he has “good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.”
Tinubu stated: “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.”
He reiterated that Nigeria is open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.
The President also told the Summit that “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.