BY AKUDORO GLORIA
President Bola Ahmed Tinubu has promised Indian investors of Nigeria’s dedication guarantee that every investment committed to the nation’s economy will be sustainable.
Tinubu gave the assurance while commending the Indian investors for the significant investment pledges amounting to nearly USD14 billion committed during the Nigeria-India Presidential Roundtable and Conference on the sidelines of the G-20 Summit in New Delhi on Wednesday.
The breakdown of these new investment pledged by Indian business actors to various sector of Nigeria include Indorama Petrochemical Limited with a new investment promise of USD8 billion in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva, also pledged USD1.6 billion towards the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
Bharti Enterprises, a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality also expressed its commitment to invest an additional USD700 million in Nigeria, with work slated to commence immediately.
An approved USD1 billion agreement has been finalized by President Tinubu to bring the Defense Industries Corporation of Nigeria (DICON) to 40 percent self-sufficiency in local manufacturing and production of defense equipment by 2027 through a comprehensive new partnership with the Managing Arm of the Military-Industrial Complex of the Indian Government.
Lastly, Jindal Steel And Power Limited has also committed to invest USD3 billion in iron ore processing and steel development in Nigeria.
This is sequel to President Tinubu’s personal intervention and the strong-will to deliver embedded in his speech targeted at wooing the Indian business investors to commit to Nigeria.
Tinubu, in a statement signed by his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, told investors, “We are ready to give you the best returns for investment possible, there is nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.
“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, we solve problems.
“There is no free lunch or shortcuts, but there’s 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,” Tinubu said.
Responding on behalf of investors, Chairman of Bharti Enterprises, Mr. Sunil Bharti Mittal, expressed delight over the unification of FX market and confidence in President’s assured investment returns.
Mittal said “we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”
Also speaking, the Director-General of the Confederation of Indian Industries (CII), Mr. Chandrajit Banerjee, said under the leadership of Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and are keen on establishing a second presence in Africa, with Nigeria as being it target destination.