Adebayo Adenrele
President Bola Tinubu has received a total commitment of $14bn investment pledges from Indian Investors.
Tinubu gained this financial feet during his outing at the Nigeria-India economic roundtable on the sidelines of the G-20 Summit in New Delhi, India.
One of the Investors is Indorama Petrochemical Limited, who pledged an investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
Jindal Steel and Power Limited, one of India’s largest private steel producers, also pledged $3 billion in iron ore processing and steel development in Nigeria.
The founding President of SkipperSeil Limited, Jitender Sachdeva pledged $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
The Managing Arm of the Military-Industrial Complex of the Indian Government also finalised on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country by 2027.
Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
