Nigeria inks massive US$7bn investment deal

THE Federal Government of Nigeria has secured US$7 billion out of the US$14 billion investment deal promised to the country during the G20 Summit in India last year.

This was revealed by Balasubramanian on the occasion of the 75th Day of India in Abuja.

During the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, Nigerian officials secured pledges worth US$14 billion from Indian investors and sought an economic cooperation pact with the South Asian nation, presidential spokesperson, Ajuri Ngelale, said in a statement last year.

Some of the pledges include Jindal Steel and Power’s US$3 billion investment in Nigeria’s steel sector, and Indorama Corp. petrochemical facility expansion in the country with an additional investment of US$8 billion.

What the Indian envoy 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.

“India had invited Nigeria as a guest country during her presidency of G20. We had a memorable visit to HE Mr Bola Tinubu, President of the Federal Republic of Nigeria to the G20 Summit last year in September, that consolidated the ties further.

“Out of the US$14 billion promised during this visit as an investment into the Nigerian economy, US$7 billion has already been signed immediately after the visit,” he noted.

The envoy stressed the robust and expanding economic and trade ties between both nations. Presently, Nigeria hosts almost 150 Indian companies, contributing a substantial investment of US$27 billion, primarily in the manufacturing sector. These companies collectively employ a significant workforce, second only to the Federal Government. - Business Insider Africa.