President Bola Ahmed Tinubu has lauded Indian investors for their significant investment pledges amounting to nearly $14 billion being committed to the Nigerian economy.
Tinubu spoke during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, on the sidelines of the G20 Summit.
While urging them not to procrastinate with their various pledges, the President said: “We are ready to give you the best returns for investment possible, there is nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
Among these many new investments, Indorama Petrochemical Limited has 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, has also committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that following President 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 also approved the finalization of 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 Miltary-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 equally expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
Emphasizing that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, 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.
“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 said.
According to the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, prospective investors were informed by the President, that in Nigeria, there is no free lunch or shortcuts, rather, good economic policies would be ensured to cater for the investors as well as able men and women in leadership, who can drive the goal of broad prosperity through investment and infrastructure.”
“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,” the President added, reiterating 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.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who addressed the roundtable with the theme, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” thanked Mr. Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.
Commending the Tata group and so many others who have immediately responded to Mr. President’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, the Finance Minister noted: “I also wish to thank Mr. Sunil Bharti Mittal, Founder, and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million dollars more in Nigeria.”
Edun used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasizing that his agenda aims to promote growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.
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 cooperation in the field of Sharing Successful Digital Solutions to be implemented at total population scale for digital transformation.
The Minister also signed an MoU with Central Square Foundation for cooperation in the field of Sharing Successful Ecosystems, which involves interventions relating to education technology, to be implemented at the 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.
On behalf of investors, the Chairman of Bharti Enterprises, Mr. Sunil Bharti Mittal, told the President, “You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure.
“You have just dropped your prepared remarks and spoken from your heart. Our investors have heard from a leader doing everything possible to attract capital to Nigeria to benefit Nigerians and our companies.
“Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”
Closing the interactive session, Mr. Chandrajit Banerjee, the Director-General of the Confederation of Indian Industries (CII), noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.
“Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination,” he concluded.
The Presidential roundtable, attended by President Tinubu, also had in attendance Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs; Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.
Following the Roundtable, the President met individually with each of the top pledging investors to finalize the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.