In a significant move toward economic collaboration, Nigeria has secured investment commitments amounting to nearly $14 billion from various Indian companies and the Indian government. Nigerian President Bola Tinubu aims to boost key sectors like steel, petrochemicals, power generation, and defense through these partnerships.
Several prominent Indian companies have made substantial investment commitments in Nigeria, signifying India’s commitment to bolstering Nigeria’s economic development. Jindal Steel and Power, for instance, have pledged $3 billion to Nigeria’s steel industry, diversifying the West African nation’s reliance on oil production. Meanwhile, Indorama Corp plans to invest an additional $8 billion to expand its existing petrochemical facility in Nigeria.
Other Indian companies like Skipperseil Ltd and Bharti Enterprises have also committed to investments in Nigeria. Skipperseil Ltd and Bharti Enterprises will invest $1.6 billion each in Nigeria over the next four years. These funds will primarily be used to construct power generation plants, thereby strengthening Nigeria’s energy infrastructure. Additionally, Bharti Enterprises will contribute $700 million to undisclosed projects in Nigeria.
In a mutually beneficial agreement, the Nigerian government has approved a $1 billion partnership with the Indian government to enhance the Defense Industries Corporation of Nigeria. The objective is to achieve 40% self-sufficiency in the manufacturing and production of defense equipment within three years.
These commitments were formalized during the Nigeria-India presidential roundtable and conference, which seeks to attract global capital to Nigerian infrastructure projects. President Tinubu, set to attend the G20 summit in New Delhi, hosted these discussions following India’s invitation.
Tinubu expressed optimism for potential investors, emphasizing that Nigeria offers unparalleled returns on investments. The West African nation is shifting its focus towards investment-led growth, moving away from borrowing to finance its infrastructure and job creation requirements.
India’s investment commitments to Nigeria reflect the strengthening economic ties between the two nations and their shared commitment to fostering development across key sectors.
Source: Livemint
