G-20 Summit: President Tinubu Secures $14 Billion Investment Promise From India Investors

By - LagosCityReporters 6 September 2023 Comments (0) 2 Mins Read

President Bola Ahmed Tinubu has secured nearly $14 billion of pledges from Indian investors for Nigeria at a meeting in India on Wednesday.

In a statement issued after the meeting by his spokesman, Ajuri Ngelale, President Tinubu also seeks an economic cooperation pact with the South Asian nation.

Ngelale said India’s Jindal Steel and Power (JNSP.NS) has committed to pump $3 billion into Nigeria’s steel sector and Indorama Corp plans to invest an additional $8 billion to expand its petrochemical facility in the West African country.

He noted that Skipperseil Ltd’s founding Chairman Jitender Sachdeva and India’s Bharti Enterprises each pledged $1.6 billion over four years to build power generation plants and $700 million in Nigeria, respectively.

Ngelale said President Tinubu has approved a $1 billion partnership agreement with the Indian government to help the Defence Industries Corporation of Nigeria attain 40% self-sufficiency in local manufacturing and production of defence equipment in three years.

President Bola Tinubu, who will attend the G20 summit in New Delhi representing a guest country later this week, held talks with Indian investors under the Nigeria-India presidential roundtable and conference to mobilize global capital to develop infrastructure.

Tinubu, who is attending the summit on the invitation of India, has embarked on Nigeria’s boldest reforms in decades, including the removal of petrol subsidy and lifting foreign exchange trading curbs.

The Nigerian leader has also pledged to revive an economy struggling with record debt, anaemic growth, unemployment, and double-digit inflation.