With 150 Companies and $27bn Investments in Nigeria, India Interested in More, Says Envoy
About 150 Indian companies have invested more than $27 billion in Nigeria in the last four decades, the Indian High Commissioner to Nigeria, Gangadharan Balasubramanian has revealed.
Balasubramanian disclosed this in his address at the anniversary celebration of the 75th Republic Day of India, organised by the Indian mission on Friday night in Abuja.
He noted that India remains interested in investing more in Nigeria.
The envoy, while describing relations between India and Nigeria as excellent, said India will continue to play a significant role and contribute to the global economy.
He added that the recently concluded Indian Presidency of G20 showcased the country’s readiness to effectively play a global role.
He said India stands shoulder-toshoulder with Nigerian friends in the joint journey towards development and that the Government of India is committed to further strengthening such ties.
Balasubramanian also said: “India and Nigeria enjoy strong and historical relations. With the ties dating back to before Nigeria’s independence, our bilateral relations have been nurtured by the leadership of both countries.
“Our economic and trade relations are strong and growing. Currently, nearly 150 Indian companies with an investment of $27 billion are in Nigeria, mainly in the manufacturing sector and employ the largest number of people after the federal government.
He noted that: “Owing to the special relationship, India had invited Nigeria as a Guest Country during her presidency of G20. We had a memorable visit of President Bola Tinubu to the G20 Summit in September 2023 that consolidated the ties further.
“Out of the 14 billion dollars promised during this visit as an investment into the Nigerian economy, 7 billion dollars has already been signed immediately after the visit.”
The envoy reiterated his country’s commitment to deepen the India-Nigeria ties in terms of the recent visit by India’s External Affairs Minister, Dr. Subrahmanyan Jaishankar for the Joint Commission meeting held in Nigeria.
The envoy attributed progress made by his country to the working of his country’s Constitution adopted in 1950, saying from the end of the last century till now, India has become one of the fastest-growing emerging economies.
He said: “Today with more than 3.7 trillion dollars in GDP, her economy is the fifth largest in the world. Education, health and economy have been consistent targets of successive governments in India resulting in all-round improvement of the standard of living of Indian citizens.
“We run one of the world’s largest health insurance schemes, made education a fundamental right, continue with the biggest welfare initiative in providing food grains to a significant percentage of Indian citizens, increased the paying capacity of the people and provided equal opportunities to all.
“We have drawn up schemes to uplift the vulnerable and on gender equality, passed legislation providing 33per cent reservation for women in parliament, to name a few.
“Starting from 1964, we have been providing scholarships for a large number of short-term courses under the Indian Technical and Economic Partnership to people around the world.
“We have become a significant development partner through Lines of Credit and Grants-in-Aid to the global south, which today stands at 39 billion dollars, which includes more than 12 billion dollars to Africa,” he added.