The Chairman of Heirs Holdings Group and United Bank for Africa, Tony ElumeluHe has urged Indian investors to take advantage of a number of opportunities in Nigeria, adding that now is the best time to invest in Africa’s largest economy.
Elumelu revealed it on Wednesday at the Nigerian presidential round table and conference in New Delhi.
He is attending the conference alongside prominent business tycoons, including Aliko Dangote, Femi Otedola, Cosmas Maduka, Jim Ovia, Allen Onyema and Razak Okoya, all guests of President Bola Tinubu, who is in the Southeast Asian country for the conference. G20 summit.
“Nigeria is a huge market; more than 200 million people with the largest economy on the continent,” Elumelu said.
“We have a cohort of young people who are there to consume, and we also have smart, energetic, hard-working people who bring the human capital that investors need to drive their businesses forward.”
Nigeria is trying to attract investment to boost its sluggish economy, whose growth rate slowed to 2.5 percent in the three months to June, instead of financing key infrastructure through debt.
Wale Edun, finance minister and coordinating minister for the economy, told lawmakers in August that he would seek to attract “investment funds and equity funds, not debt from those around the world interested in investing in the Nigerian economy.”
Tinubu this week secured commitments totaling $14 billion from various Indian investors, having vowed to create a safe haven for foreign investment.
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While Jindal Steel and Power has promised to invest $3 billion in the Nigerian steel industry, Indorama Corp has pledged to increase its petrochemical plant in the country by an additional $8 billion.
Jitender Sachdeva, founder of SkipperSeil Limited, has promised a $1.6 billion investment in power generation in northern Nigeria with a target of 2,000 MW.
Bharti Enterprises pledged an additional $700m investment while a $1bn deal was reached with the Government of India to help the Nigerian Defense Industries Corporation achieve 40% self-sufficiency in the local manufacturing and production of defense equipment in three years.
“This is the time to invest in Nigeria. I speak as a private sector investor in Nigeria, our Group’s investment portfolio companies demonstrate the opportunity,” said Mr. Elumelu.