* Hails $14bn New Investment Pledges at the Nigeria-India Economic Roundtable
By Janet Bassey (Governance Reporter)
Basking in the temporary euphoria from his victory at the Presidential Election Petition Tribunal on Wednesday, President Bola Tinubu, has assured Indian investors of a good return on their investments in the Nigerian economy.
The President who spoke on Wednesday in New Delhi, India, hailed the Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference.
Presidential Chief Spokesman, Chief Ajuri Ngelale, revealed in a statement on Wednesday, that Tinubu told the Indian businessmen that Nigeria is ready to give them "best returns for investment possible", adding that "there’s nowhere else like our country. Nigeria offers the best returns for investment".
Some of the bluechip Indian owned investments in Nigeria are PortHarcourt, Rivers State based Indorama Petrochemical Limited which has pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
There is Jindal Steel and Power Limited, which is one of India’s largest private steel producers that 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.
President Tinubu's investment drive to India has yielded another humongous business benefit of $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, which amounts to 2,000MW of new power within the next four years. This investment disclosure was made by the founding President of SkipperSeil Limited, Mr Jitender Sachdeva.
With a comprehensive new partnership with the Managing Arm of the Military-Industrial Complex of the Indian Government, President Tinubu has equally okayed finalization on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country by 2027.
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, is another Indian Company that has shown interest to invest an additional $700 million in Nigeria. It is promised that work will begin on this project in earnest.
Tinubu also emphasized that under his leadership of Nigeria, agreements must now manifest in industries and jobs on the ground in Nigeria. He expressed gratitude to the Indian businessmen and their firms that have positively responded to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.
Tinubu exhorted the Indians: “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 will solve problems".
The President informed the prospective Indian Investors that there won't be free lunch or shortcuts in doing business in Nigeria. He promised them of good economic policy as well as able men and women in leadership on 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.
Tinubu said to the participants at the Indian summit that he is proud that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.
Mr Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy, addressed the roundtable with the theme: “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy". He thanked Mr. Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.
The Finance Minister eulogized the Tata group and several other Indian Companies that instantly responded to President Tinubu's bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria.
He said, “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 dollars more in Nigeria".
Wale Edun further explained 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.
Edun, on behalf of investors and the Chairman of Bharti Enterprises, Mr. Sunil Bharti Mittal, told President Tinubu that, “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.
However, 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.
Tijani 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.
Nigeria’s Industry, Trade and Investment Minister, Dr. Doris Uzoka-Anite, watched as 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.
Mr. Chandrajit Banerjee, the Director-General of the Confederation of Indian Industries (CII) while closing the business interactive session, noted that the Presidential Roundtable serves 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 concluded.
The Presidential roundtable was attended by President Tinubu, Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs; Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.
The President, after the Roundtable, also had a session 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 while on a business mission. NNL.
