Tinubu hails Indian industrialists over $14bn investment pledges

Forum 7 months ago

Tinubu hails Indian industrialists over $14bn investment pledges

Nigeria’s President Bola Tinubu on Wednesday commended Indian investors for significant investment pledges amounting to nearly $14bn U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference held on the sidelines of the G-20 Summit in New Delhi, India.

“We are ready to give you the best returns for investment possible; there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now,” Tinubu told Indian business leaders from the pharmaceutical, power, petrochemical and agricultural sectors.

“Among these new investments, Indorama Petrochemical Limited has pledged a new investment of $8bn in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State,” the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed in a statement he signed on Wednesday.

The statement is titled, ‘President Tinubu to Indian investors: do not procrastinate as Nigeria offers the best return on investment; lauds $14bn in new investment pledges at Nigeria-India economic roundtable.’

Also on the list of new investors is Jindal Steel and Power Limited, one of India’s largest private steel producers, which committed to investing $3bn in Nigeria following discussions with President Tinubu.

As an offshoot of the discussions, the founding President of SkipperSeil Limited, Mr. Jitender Sachdeva, announced that he is investing $1.6bn U.S. dollars to establish 20,100MW power generation plants across several states in Northern Nigeria, amounting to 2,000MW of new power within the next four years.

Additionally, President Tinubu approved the finalisation of a new $1bn U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria to 40 per cent 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.

Another Indian firm, Bharti Enterprises, a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate and hospitality, has committed to investing an additional $700m in Nigeria, with work set to begin immediately.

The Nigerian leader said on his watch, agreements must now pragmatically manifest in industries and jobs on the ground in Nigeria.

Expressing gratitude to all Indian companies and individuals, who responded positively to his quest to improve Nigeria’s macroeconomic and investment climate, Tinubu advised, “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.”

He told prospective investors that Nigeria has no free lunch or shortcuts. However, he has “good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.”

The President also told the Summit that “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who addressed the roundtable on the theme, ‘Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy’, thanked Mr. Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3bn investment in iron ore processing and steel development in Nigeria.

Commending the Tata group and several others, who have immediately responded to the President’s call, Edun said, “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 with at least $700m more in Nigeria.”

On behalf of investors, the Chairman of Bharti Enterprises told the President, “You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure. Now, you have just dropped your prepared remarks and have spoken from your heart.

“Our investors have heard from a leader doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies.

“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, Nigeria’s Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology, signed a Memorandum of Understanding for cooperation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.

The Minister also signed an MoU with Central Square Foundation for cooperation in the field of Sharing Successful Ecosystems, which involves interventions relating to education technology to be implemented at the population scale for digital economic transformation.

Nigeria’s Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, signed a third MoU on Infrastructure Development between the Infrastructure Corporation of Nigeria Limited and Invest India, the National Investment Promotion and Facilitation Agency of India.

The agreement, Ngelale said, would help investors looking for investment opportunities and options in India.

Closing the interactive session, Director-General of the Confederation of Indian Industries, Mr. Chandrajit Banerjee, noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.

The Presidential roundtable also had in attendance Governor Dapo Abiodun of Ogun State; Ministers of Foreign Affairs, Yusuf Tuggar; Communications, Innovation and Digital Economy, Dr. Bosun Tijani; Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, alongside industry leaders from both India and Nigeria.