On Wednesday, President Bola Tinubu praised Indian investors for their substantial commitment of nearly $14 billion during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India. He emphasized that Nigeria is ready to offer the most attractive returns on investment, making it an unparalleled destination for investors. President Tinubu welcomed a variety of investments, including an $8 billion expansion pledge by Indorama Petrochemical Limited for its fertilizer production and petrochemical facility in Eleme, Rivers State.
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Furthermore, Jindal Steel and Power Limited, a prominent private steel producer in India, has confirmed a $3 billion investment in Nigeria, following discussions with President Tinubu during the G-20 Summit in New Delhi. Mr. Jitender Sachdeva, the Founding President of SkipperSeil Limited, announced a $1.6 billion investment in the establishment of twenty 100MW power generation plants across Northern Nigeria, adding 2,000MW of new power capacity within the next four years after the President’s personal intervention.
Additionally, the President has given approval for a new $1 billion agreement to enhance the Defense Industries Corporation of Nigeria (DICON) to achieve 40% self-sufficiency in local defense equipment manufacturing by 2027, in partnership with the Managing Arm of the Military-Industrial Complex of the Indian Government.
Bharti Enterprises, a prominent Indian corporation with interests in various sectors, has expressed its commitment to invest an additional $700 million in Nigeria, with immediate implementation.
President Tinubu emphasized his administration’s focus on turning these agreements into tangible industries and job opportunities within Nigeria. He encouraged prospective investors not to hesitate and assured them of his team’s problem-solving capabilities. He stressed that Nigeria offers substantial trade and investment prospects, supported by sound economic policies and capable leadership.
The President affirmed his role in leading and championing investment, development, and prosperity for Africa’s largest democracy, highlighting Nigeria’s openness to business with dedicated individuals in government ready to drive the nation’s economy forward.
Furthermore, President Tinubu celebrated the Nigerian stock market’s record-breaking performance during his tenure.
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, expressed gratitude to Mr. Naveen Jindau, Chairman of Jindal Steel and Power Limited, for their new $3 billion investment in iron ore processing and steel development in Nigeria during the roundtable discussion themed “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy.”
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