July 21, 2024
Indian Investors Pledge $14bn New Investment At Nigeria-India Roundtable
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Indian Investors Pledge $14bn New Investment At Nigeria-India Roundtable

President Bola Tinubu has lauded Indian investors for significant investment pledges amounting to nearly $14 billion committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.

A statement published by the President’s spokesman, Ajuri Ngelale, says Nigeria is ready to give investors the best returns possible, and the time to invest is now. 

Amongst the new investments is $8 billion pledged by Indorama Petrochemical Limited for the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.

Jindal Steel and Power Limited, one of India’s largest private steel producers, also committed to investing $3 billion following discussions with the President on the sidelines of the G-20 Summit.

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The founding President of SkipperSeil Limited, Mr. Jitender Sachdeva, also committed an investment worth $1.6 billion following President Tinubu’s personal intervention. 

The amount will go towards the establishment of twenty 100MW power generation plants across Northern Nigeria, amounting to 2,000MW of new power within the next four years.

In addition, the Presidential Spokesman said President Tinubu had approved finalisation 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 defence equipment by 2027 through a comprehensive new partnership with the Managing Arm of the Military-Industrial Complex of the Indian Government.

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