Nigeria Secures $14bn Fresh Investment Pledges from Indian businessmen

* Tinubu hails Indian investors for the feat 

* Tells them not to procrastinate as Nigeria offers best return on investment 

* Nigeria signs three MoU with India on digital technology, successful ecosystems and investment opportunities 

Deji Elumoye in Abuja 

The on-going first official visit of President Bola Tinubu to India has started to yield  result as Indian investors on Wednesday assured the Nigerian leader of their readiness to facilitate fresh $14 billion investment in Nigeria.

The investment pledges formed the bedrock of the Nigeria-India Presidential Roundtable and Conference held in New Delhi, the Indian capital, on the second day of the president’s visit to the Asian nation.

A release issued by presidential spokesperson, Chief Ajuri Ngelale, listed the new investments to include Indorama Petrochemical Limited, which has pledged a new investment of $8 billion 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 $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.

The founding President of SkipperSeil Limited, Mr. Jitender Sachdeva, announced that following President Tinubu’s personal intervention, he is investing $1.6 billion in 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.

Additionally, the president has approved the finalization of a new $1 billion agreement to bring the Defence Industries Corporation of Nigeria (DICON) to 40% self-sufficiency 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.

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, has expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.

According to the release, President Tinubu in the course of the Nigeria-India Presidential Roundtable and Conference commended the Indian investors for the significant investment pledges amounting to nearly $14 billion saying: “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.”

Emphasizing that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, the president expressed gratitude to 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 solve problems,” the president affirmed.

Prospective investors were informed by  President Tinubu that in Nigeria, there is no free lunch or shortcuts, but that he has “good economic policy for the investors, as well as able men and women in leadership and on the ground, 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 added, reiterating that Nigeria is 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.

Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who addressed the roundtable themed ‘Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,’ thanked the Chairman of Jindal Steel and Power Limited, Mr Naveen Jindau, for the new $3 billion investment in iron ore processing and steel development in Nigeria.

Commending the Tata Group and so many others who have immediately responded to the president’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, the finance minister noted: “I also wish to thank Mr. Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million more in Nigeria.” 

The minister further used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasizing that his agenda aims to promote growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.

Responding on behalf of the investors, the Chairman of Bharti Enterprises, Mr. Sunil Bharti Mittal, told the president: “You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure. Now, you have just dropped your prepared remarks and have spoken from your heart. 

“Our investors have heard from a leader who is doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies. Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”

Also at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU) for co-operation in the field of Sharing Successful Digital Solutions to be implemented at total population scale for digital transformation. 

The minister also signed an MoU with Central Square Foundation for co-operation in the field of Sharing Successful Ecosystems, which involve interventions relating to education technology to be implemented at population scale for digital economic transformation. 

Under the watch of Nigeria’s Industry, Trade and Investment Minister, Dr. Doris Uzoka-Anite, a third MoU on infrastructure development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.

Closing the interactive session, the Director-General of the Confederation of Indian Industries (CII), Mr Chandrajit Banerjee,  noted that the Presidential Roundtable served as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture and the enhancement of digital and physical infrastructure, among others.

“Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination,” he added.

President Tinubu thereafter met individually with each of the top pledging investors to finalize on the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.