India to invest USD 14 billion in oil-rich Nigeria
A country which is in dire need of infrastructure development seeks new ventures
On Wednesday, Nigeria announced it got investment assurances from India totaling $14 billion and that it was hoping to negotiate an agreement for economic cooperation with the South Asian nation.
According to a statement from spokeswoman Ajuri Ngelale, India’s Jindal Steel and Power (JNSP.NS) has pledged to invest $3 billion in Nigeria’s steel industry, while Indorama Corp. wants to invest an extra $8 billion to develop its petrochemical plants there as well.
Jitender Sachdeva, the founder chairman of Skipperseil Ltd., and Bharti Enterprises, an Indian company, have offered $1.6 billion over four years to construct power plants and $700 million in Nigeria, respectively, according to Ngelale.
Separately, Nigeria authorized a $1 billion collaboration deal with the Indian government to support the Nigerian Defense Industries Corporation in achieving 40% local manufacturing and production self-sufficiency in defence equipment manufacture within three years, according to Ngelale.
As part of the Nigeria-India presidential discussion and conference, President Bola Tinubu spoke with Indian business executives to encourage foreign financing for infrastructure development. Later this week, he will take part in the G20 conference as a guest country in New Delhi.
Tinubu was invited by India, which now holds the group’s rotating president.
“We are ready to give you the best returns for investment possible, there’s nowhere else like our country,” Tinubu said in the statement.
Even though Nigeria is Africa’s top oil producer, it suffers from rampaging corruption, record debt, anaemic growth, unemployment, and double-digit inflation. President Tinubu has pledged to turn the conditions of the country with multiple economic reforms.
Instead of borrowing Chinese money to fund multiple infrastructure projects, he is planning to increase foreign direct investments in the country. Nigeria needs a renovation of multiple folds to upgrade its railways and build new roads and power plants.
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 is attending at the invitation of India, which currently holds the rotating presidency of the bloc.
“We are ready to give you the best returns for investment possible, there’s nowhere else like our country,” Tinubu said in the statement.
India, which presently holds the rotating presidency of the group, invited Tinubu to attend.
There is no place like our nation, we are prepared to provide you the finest returns on your investment, Tinubu added in the statement.
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