Tinubu, Modi strengthen plans to actualise $14bn investment in Nigeria

…As Tinubu, Modi, hold talks in Abuja

Nigeria and India, on Sunday, reaffirmed their commitment to a robust strategic partnership, pledging to strengthen ties in key areas, including economic development, defence, healthcare and food security, to actualise $14 billion investment in Nigeria by indian investors.

This is contained in a joint statement issued on Sunday in Abuja at the conclusion of the Indian Prime Minister Narendra Modi’s state visit to Nigeria at the invitation of President Bola Tinubu.

Both leaders had, during their engagements on Sunday, noted with satisfaction “the fruitification of some of the investments” agreed to by the Indian companies during the visit of President Tinubu to India in September 2023 and committed to facilitating early finalization of the remaining investments.

The strategic engagements strengthened the agreements reached on the sidelines of the G20 Leaders’ Summit held from September 9th-10th, 2023, in New Delhi, where Indian investors pledged a combined total of over $14 billion across critical sectors of the Nigerian economy at the Nigeria-India Presidential Roundtable and Business Conference

The investments were targeted at industry, energy, telecommunications, and defence sectors.
During their bilateral discussion, the two leaders agreed to a greater collaboration in counterterrorism, maritime security, and intelligence sharing.

With growing threats in the Gulf of Guinea and the Indian Ocean, they also agreed to coordinated actions to safeguard maritime trade routes and combat piracy.

The two countries pledged to continue regular naval exercises and joint anti-piracy operations in the Gulf of Guinea to safeguard critical maritime routes.

“The leaders reiterated their unequivocal condemnation of terrorism in all its forms and manifestations including the cross-border movement of terrorists and terror financing networks and safe havens.

“They called for zero tolerance to terrorism and expeditious finalization and adoption of the Comprehensive Convention on International terrorism in the UN Framework as well as implementation of the UNGA and the UNSC resolutions on countering terrorism and violent extremism. It was agreed to enhance cooperation in the area of counter terrorism,” the joint statement said.

Prime Minister Modi reiterated India’s readiness to support Nigeria’s defence modernisation efforts, highlighting India’s emergence as a trusted defence manufacturer.

The two leaders also highlighted the vibrant economic relationship between India and Nigeria, with India positioned as Nigeria’s largest trading partner and a significant contributor to its economy.

Nigeria commended the contributions of over 200 Indian companies operating in the country, which have generated substantial employment and investment opportunities.

On bilateral trade expansion, both leaders directed their officials to finalise pending agreements, including the Economic Cooperation Agreement (ECA), Double Taxation Avoidance Agreement (DTAA), and the Bilateral Investment Treaty (BIT), to boost trade and investment.

On infrastructure development, the joint statement arising from Prime Minister Modi’s state visit, stated that India also reaffirmed its commitment to supporting Nigeria’s development priorities through concessional lines of credit and technical expertise.

On energy collaboration, Nigeria and India agreed on long-term contracts for crude oil and LNG supply and technical support on pipeline transmission security, CNG conversion and LPG bottling distribution.

The two leaders also discussed broader collaboration on food security and agriculture, health, education, and cultural exchanges.

On food security, the leaders agreed that it remains a priority for developing countries, especially with bigger populations.

“Nigeria thanked India for providing the necessary concessions sought for in the supply of rice at the time of their need.

“They agreed to enhance collaboration in the area of agriculture from agricultural machinery, high yield seeds to sharing technical expertise, know-how and technologies and agreed to identify ways of cooperation in these areas.

“The Indian side thanked the Nigerian side for supporting the Indian Resolution at the UN to declare 2023 as the International Year of Millets and agreed to increase collaboration between India and Nigeria in the area of Millets,” the joint statement said.

On healthcare sector, Nigeria and India pledged to deepen their collaboration focusing on the establishment of hospitals and diagnostic centers, as well as the deployment of innovative health management systems.

Both sides acknowledged the ongoing efforts by Indian hospitals operating in Nigeria and highlighted the vast potential for further collaboration to enhance healthcare delivery across the country.

The Indian government offered to share its CoWIN digital platform, an open-source health management infrastructure that has revolutionised vaccination campaigns and health data management in India.

This system is expected to support Nigeria’s healthcare system by improving the efficiency and accessibility of vaccination programmes and other health initiatives.

The Indian government also extended its commitment to supply high-quality generic pharmaceutical products to Nigeria at economical rates under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) scheme- a campaign launched by India’s Department of Pharmaceuticals to provide quality medicines at affordable prices to the masses.

This initiative is aimed at making essential medicines more affordable, particularly for vulnerable populations, and supporting Nigerian public hospital procurement processes.

Nigeria and India reaffirmed their commitment to strengthening collaboration on education, cultural exchanges, and fostering strong people-to-people contacts, building on longstanding historical ties and mutual aspirations.

India was acknowledged as a significant partner in Nigeria’s human resource development through various scholarship programmes, including the eVBAB scheme, which facilitates virtual learning opportunities.

Both sides agreed to work together to encourage more Nigerian students to leverage these scholarship programmes.

President Tinubu and Prime Minister Modi applauded the vibrant cultural and academic exchanges between the two nations, which have included visits by cultural troupes, participation in film and literary festivals, and other collaborative activities.

They underscored the importance of further widening these exchanges to promote mutual understanding and shared heritage.

The leaders recognised the role of tourism in enhancing people-to-people connections and emphasised the need to explore opportunities for promoting travel and cultural interaction between Nigeria and India.

On working together through its membership in international organisations, India commended Nigeria for its reciprocal support of non-permanent members of the UN Security Council for 2028-2029.

The two countries reiterated their joint commitment to UN Security Council reforms and mutual support for permanent and non-permanent memberships.

They also pledged cooperation on regional peace and security, particularly in West Africa.

“As members of International Solar Alliance (ISA), both sides agreed to intensify their cooperation in establishing solar parks and to work towards increasing the share of the renewable energy in their energy portfolio,” the joint statement added..

Modi, the India prime minister, had, on arrival at the State House, Presidential Villa, Abuja, received a formal welcome, including a 21-artillery gun salute at the Presidential Villa. President Tinubu and Prime Minister Modi went into private discussions and later jointly presided over an expanded bilateral and political talks.