FOUR existing and new Indian companies have pledged to invest about 14 billion US dollars in Nigeria
The investments will go into fertilizer, steel, power, and telecoms.
The companies promising these investments are : Indorama Petrochemical Limited; Jindal Steel and Power Limited; SkipperSeil Limited , and Bharti Enterprises.
Here’s the breakdown of the investments promised : Indorama Petrochemical Limited pledged a new investment of US$8 billion for the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
Also, Jindal Steel and Power Limited, one of India’s largest private steel producers, also pledged of investing $3 billion in Nigeria steel industry.
Next, SkipperSeil Limited, Mr Jitender Sachdeva, announced that, following President Tinubu’s personal intervention, he is investing US $1.6 billion in the establishment of 20 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
Another Indian firm, 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, had expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.
President Bola Ahmed Tinubu, had during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, roused the investors appetites , and said .
The President, in a statement on Wednesday by his spokesman, Ajuri Ngelale, said: “We are ready to give you the best returns for investment possible. There’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
President Tinubu expressed gratitude to all Indian companies and individuals who have responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.
“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 solve problems,” he said.
On behalf of the investors, the Chairman of Bharti Enterprises, Mr. Sunil Bharti Mittal told the President, “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