President Tinubu and his team secured as much as $14b in commitments from Indian corporations. [Presidency]
President Bola Tinubu has pledged that Nigeria would give the best returns for any new investment as well as create best business friendly incentives for foreign businesses.
The president said this at the Nigeria-India Presidential Roundtable and Conference in New Delhi, India as part of activities on sidelines of his official visit for the G20 Summit coming between Sept. 9 and Sept 10.
Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this in a statement on Wednesday in Abuja.
Tinubu commended Indian investors for significant investment pledges amounting to nearly 14 billion U.S. dollars committed during the meeting.
‘’We are ready to give you the best returns for investment possible, there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
Among these many new investments, Indorama Petrochemical Limited has pledged a new investment of eight 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, has committed to investing three billion U.S. dollars following discussions with the President.
Founding President of SkipperSeil Limited, Jitender Sachdeva, announced an investment of 1.6 billion U.S. dollars for the establishment of 20 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
The President approved finalisation of a new one billion U.S. dollar agreement to bring the Defence Industries Corporation of Nigeria (DICON) to 40 per cent self-sufficiency.
This will in local manufacturing and production of defence equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Military-Industrial Complex of the Indian Government.
Bharti Enterprises, a major first-generation corporation in India with interests in telecom, space communications, and digital solutions has expressed its commitment to invest an additional 700 million U.S. dollars in Nigeria.
Tinubu said his administration would ensure that agreements manifest in industries and jobs on the ground in Nigeria.
He commended all Indian companies and individuals who have responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.
“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests.
‘’The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we will solve problems,” the President said.
He said that Nigeria has good economic policy for the investors as well as able men and women in leadership, who can drive the goal of broad prosperity through investment and infrastructure.
“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the President said.
Tinubu reiterated that Nigeria was open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.
The President also told the Summit that “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.
