Four Indian conglomerates, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, have pledged to invest $14 billion in Nigeria.
The investment commitments were made on Wednesday during the Nigeria-India presidential roundtable and conference, according to a statement issued by Ajuri Ngelale, special adviser to the president on media and publicity.
Speaking at the meeting, President Bola Tinubu applauded the Indian companies, assuring the foreign investors that their investments in Nigeria would yield fruitful returns.
The president is currently in New Delhi, the Indian capital, for the G20 summit expected to take place from September 9 to 10.
According to the statement, Tinubu commended the firms for making investments in a country that offers “the best returns for investment possible”, adding that “there’s nowhere else like our country”.
He asked the investors to put their fears aside, assuring that he leads a team that can drive the goal of broad prosperity through investment and infrastructure.
“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 statement quoted Tinubu as saying.
“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.”
Indorama Petrochemical Limited was said to have pledged $8 billion in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers.
Jindal Steel and Power Limited, one of India’s largest private steel producers, also committed to investing $3 billion, while Jitender Sachdeva, founder of SkipperSeil Limited, announced an investment of $1.6 billion in the establishment of 2,000MW power generation plants across northern Nigerian states.
Ngelale said a new partnership with the managing arm of the military-industrial complex of the Indian government led to the finalisation of a $1 billion agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 percent self-sufficiency in local manufacturing and production of defense equipment in-country by 2027.
In addition, Bharti Enterprises committed to invest an additional $700 million in Nigeria.
Tinubu had earlier assured that Nigeria would become one of the “most conducive places on earth” for foreign investments, stressing that he would ensure that bottlenecks are removed and investors thrive in the country.