Nigeria (Common wealth) _ Nigeria has received over $14 billion in promises from Indian investors and is seeking an economic cooperation agreement with the South Asian country, according to a presidential spokesperson on Wednesday.
Jindal Steel and Power (JNSP.NS) of India has pledged to investing $3 billion in Nigeria’s steel sector, and Indorama Corp wants to invest an extra $8 billion to expand its petrochemical facilities in the West African country, according to spokesperson Ajuri Ngelale.
According to Ngelale, Skipperseil Ltd’s founder Chairman Jitender Sachdeva and India’s Bharti Enterprises each offered $1.6 billion over four years to establish power producing plants and $700 million in Nigeria.
Separately, Nigeria authorized a $1 billion partnership arrangement with the Indian government to assist the Defence Industries Corporation of Nigeria in achieving 40% self-sufficiency in local manufacturing and defense equipment manufacture in three years, according to Ngelale.
President Bola Tinubu, who will represent Nigeria as a guest country at the G20 summit in New Delhi later this week, met with Indian investors as part of the Nigeria-India presidential roundtable and conference to mobilize global funding for infrastructure development.
Tinubu has been invited by India, which presently holds the rotating president of the group. Tinubu said in a statement, “We are ready to give you the best returns for investment possible; there is nowhere else like our country.”
The government of Africa’s largest oil producer aims to encourage investment rather than borrowing to fund job creation and the construction of much-needed infrastructure such as trains, highways, and power plants.
Tinubu has launched Nigeria’s most daring reforms in decades, including the elimination of a popular but costly gasoline subsidy and the easing of foreign exchange trading restrictions. He has promised to resurrect an economy beleaguered by record debt, anemic growth, unemployment, and double-digit inflation.
Nigeria, Africa’s most populous country, is considering becoming the continent’s second G20 member after South Africa, and is consulting on the dangers and benefits. Nigeria’s President, Bola Ahmed Tinubu, has urged investors in Nigeria and around the world to invest in Nigeria, emphasizing the country’s willingness to receive them.
President Tinubu assured the business community of his government’s commitment to policy consistency and a better business climate to attract investment while receiving a delegation from the Shell Petroleum Development Company (SPDC) led by the Global Upstream Director, Ms Zoe Yujnovic, at the State House in Abuja.
President Tinubu welcomed the SPDC’s promise to invest more in Nigeria’s oil and gas sector, saying that such investments are required now more than ever to enable the government to meet its obligations.
The President noted that soliciting new investment was a pledge he made to Nigerians personally. Whatever it takes, I’ll keep my commitment to Nigerians. President Tinubu emphasized Nigeria’s readiness for business, assuring Shell executives and other investors of his administration’s determination to maintain an open door policy and address their issues. We’re now open for business. We mean business. I can assure you of policy consistency, he said.
The President also stated that his administration was eradicating all types of barriers in order to make Nigeria an appealing business location. Ms Yujnock responded by saying that Shell Petroleum Development Company of Nigeria Limited (SPDC) is eager to invest billions of dollars in the country, particularly in gas and deep-water assets.
She praised Tinubu for a “incredibly strong start,” and expressed hope that the government’s “bold” initiatives will restore Nigeria’s prominence as an investment destination. Yujnock stated that Nigeria remains a significant investment country for the corporation due to the two entities’ long history and the possibilities of the country’s oil and gas sector.
