Nigeria has successfully garnered investment pledges totalling almost $14 billion from Indian investors, signalling a growing economic partnership between the two nations. Ajuri Ngelale, a presidential spokesperson, made the announcement and highlighted important investment commitments:
- Jindal Steel and Power will inject $3 billion into Nigeria’s steel sector.
- Indorama Corp plans to expand its petrochemical facility in Nigeria with an additional $8 billion investment.
- Skipperseil Ltd’s Chairman, Jitender Sachdeva, and India’s Bharti Enterprises have pledged $1.6 billion each over four years to build power generation plants and invest $700 million in Nigeria, respectively.
- Nigeria approved a $1 billion partnership agreement with India to bolster the Defence Industries Corporation of Nigeria’s self-sufficiency in manufacturing defence equipment.
President Bola Tinubu, representing Nigeria as a guest country at the upcoming G20 summit in New Delhi, played a pivotal role in facilitating discussions with Indian investors during the Nigeria-India presidential roundtable and conference. Tinubu emphasised Nigeria’s commitment to providing favourable returns on investment, stating, “We are ready to give you the best returns for investment possible; there’s nowhere else like our country.”
Nigeria’s government aims to attract investments as an alternative to relying on borrowing for infrastructure development, job creation, and other critical initiatives. President Tinubu has initiated bold reforms, including the removal of a costly petrol subsidy and the relaxation of foreign exchange trading restrictions, as part of efforts to revitalise the nation’s economy, which faces challenges such as high debt, sluggish growth, unemployment, and double-digit inflation.
Nigeria, the most populous nation in Africa, is also thinking about applying to join the G20, where South Africa currently holds membership. The government is engaging in consultations to assess the potential risks and benefits associated with this move, further indicating its commitment to global economic engagement and growth.
