President Bola Tinubu on Wednesday commended Indian investors for significant investment pledges totaling nearly $14 billion pledged during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, saying, “We stand ready to provide you with the best possible returns For investment, there is no other place 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 petrochemical and fertilizer production facilities in Eleme, Rivers State.
Jindal Steel and Power Limited, one of India’s largest private steel producers, has pledged to invest $3 billion in Nigeria, following talks with President Tinubu on the sidelines of the G20 Summit in New Delhi, India.
SkipperSeil Limited Founding Chairman Jitender Sachdeva announced that, following the personal intervention of Chairman Bola Tinubu, he will invest $1.6 billion in establishing twenty 100 MW power generation plants in the northern states of Nigeria, bringing it will represent 2,000 MW of new energy in the next four years. years.
In addition, the President approved the completion of a new $1 billion deal to bring the Defense Industries Corporation of Nigeria (DICON) to 40 percent self-sufficiency in local manufacturing and production of defense equipment in the country. by 2027 through a new comprehensive partnership with the managing arm of the Indian government’s military-industrial complex.
Another Indian company, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecommunications, space communications, digital solutions, insurance, processed food, real estate, and hospitality, has expressed its commitment to invest an additional $700 million. in Nigeria, whose work will begin immediately.
Emphasizing that under his pragmatic leadership, deals must now manifest in industries and jobs in Nigeria, President Tinubu expressed his gratitude to all Indian companies and individuals who have responded positively to his administration’s efforts to improve the macroeconomic and business climate. Nigerian investment.
“Don’t procrastinate. Don’t be afraid of investing in Nigeria. Go ahead. 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 the problems problems,” said the president.
President Bola Tinubu during the Nigeria-India presidential conference and round table in New Delhi, India [PHOTO CREDIT: @NTANewsNow]The president informed potential investors that there are no free lunches or shortcuts in Nigeria, but that he has “good economic policy for investors, as well as capable men and women in leadership and on the ground, who can drive things forward.” of widespread 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 in the rest of the world,” added the president, reiterating that Nigeria is open to doing business with smart companies, innovative, capable and highly engaged individuals in government, who are ready to propel Africa’s largest economy to its destination.
The president also told the summit that he “is proud” that the Nigerian stock market has broken records in its consistent optimism since he took office.
Speaking at the panel discussion themed “Building partnerships with renewed hope for a diversified and prosperous economy”, Wale Edun, Finance Minister and Coordinating Minister for the Economy, thanked Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 bill. Investment of billions in iron ore processing and steel development in Nigeria.
Commending the Tata group and so many others who have responded immediately to Mr. President’s bold and decisive steps to correct major systemic flaws in Nigeria’s macroeconomic and investment climate, 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 more in Nigeria.”
Minister Edun further took 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, better access to capital, inclusion, business and citizen security, and fair play based on the rule of law and the fight against corruption.
On behalf of the investors, Bharti Enterprises Chairman Sunil Mittal told the Chairman: “You have unified the foreign exchange market. It has freed up crucial capital to improve its public infrastructure. Now, you have just left your prepared comments and have spoken from your heart. Our investors have heard from a leader who is doing all he can to bring capital to Nigeria for the benefit of Nigerians and our businesses. Mr. President, we will bring these investments to Nigeria and with your inspiring leadership style, we can only do more and more.”
Also, at the event, Nigerian Minister of Communication, Innovation and Digital Economy 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. to share successful digital solutions. , which will be implemented at full population scale for digital transformation.
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The Nigerian minister also signed an MoU with the Central Square Foundation for cooperation in the field of successful ecosystem sharing, which involves interventions related to educational technology, to be implemented on a population scale for digital economic transformation.
Under the supervision of Nigerian Minister for Industry, Trade and Investment, Doris Uzoka-Anite, a third MoU on infrastructure development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Promotion and Facilitation Agency Investment India, which helps investors looking for investment opportunities and options in India.
Closing the interactive session, Chandrajit Banerjee, CEO of the Confederation of Indian Industries (CII), noted that the presidential roundtable serves as a solid foundation for Indian companies seeking to engage with Nigeria and would cover cooperation in key areas such as capacity building, skills development, agriculture and improvement of physical and digital infrastructure, among others.
“Under the determined leadership of President Tinubu, the IIC is prepared to send a high-level delegation to Nigeria, and we are interested in establishing a second presence in Africa, with Nigeria as our target destination,” he concluded.
The presidential round table, which was attended by President Tinubu, was also attended by Governor Dapo Abiodun of Ogun State; Yusuf Tuggar, Minister of Foreign Affairs; Bosun Tijani, Minister of Communications, Innovation and Digital Economy; and Doris Uzoka-Anite, Minister of Industry, Trade and Investment; along with industry leaders from India and Nigeria.
Following the roundtable, the President met individually with each of the major committed investors to finalize the next steps to ensure that no environmental hurdle stands in the way of their success in Nigeria.
ajuri angelale
special adviser to the president
(Media and advertising)