• Tuesday, March 05, 2024
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Tinubu hails Indian firms’ proposed $14bn investments in Nigeria

Tinubu targets $300b dead capital, with new housing sector appointments

President Bola Tinubu has commended Indian investors who made significant investment pledges amounting to about $14 billion.

Ajuri Ngelale, special adviser to the President on media and publicity, said Tinubu gave the commendation on Wednesday at the Nigeria-India Presidential Roundtable and Conference held in New Delhi, India.

According to a statement, the President assured them “best returns for investment possible,” adding that “there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”

Read also: G-20 summit :Tinubu in India to bolster economic ties, attract investment

Ngelale listed the investors to include Indorama Petrochemical Limited, which pledged a new investment of $8 billion in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State, as well as Jindal Steel and Power Limited, one of India’s largest private steel producers, with a commitment to invest $3 billion in Nigeria, following discussions with Tinubu on the sidelines of the G-20 Summit in New Delhi, India.

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Others include Jitender Sachdeva, the founding president of SkipperSeil Limited, who also announced that he would invest $1.6 billion in the establishment of 20 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 finalisation on a new $1 billion agreement to bring the Defense Industries Corporation of Nigeria to 40 percent self-sufficiency in local manufacturing and production of defence equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government,” the statement said.

Read also: Tinubu arrives India, holds first meeting with Hinduja Group CEO

He disclosed that 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, also expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.