Nigeria has secured nearly $14 billion in pledges from Indian investors and is seeking an economic cooperation pact with the South Asian country, a presidential spokesman said on Wednesday.
Jindal Steel and Power has pledged to pump $3 billion into Nigeria’s steel sector and Indorama Corp plans to invest another $8 billion to expand its petrochemical plant in the West African country, spokesman Ajuri Ngelale said in a statement Explanation.
Skipperseil Ltd founding chairman Jitender Sachdeva and Indian company Bharti Enterprises have each pledged $1.6 billion to build power plants and $700 million to Nigeria over four years, Ngelale said.
Separately, Nigeria agreed to a $1 billion partnership agreement with the Government of India to help Defense Industries Corporation of Nigeria achieve 40% self-sufficiency in local manufacturing and production of defense equipment within three years, it said ngelale.
President Bola Tinubu, who will be a guest country at the G20 Summit in New Delhi later this week, held talks with Indian investors at the Presidential Roundtable and Nigeria-India Conference to mobilize global capital for infrastructure development.
Tinubu is attending at the invitation of India, which currently holds the bloc’s rotating presidency.
“We are ready to offer you the best possible return on investment, our country is unrivaled anywhere else,” Tinubu said in the statement.
The government of Africa’s largest oil producer wants to encourage investment instead of relying on loans to fund job creation and the construction of much-needed infrastructure like railways, roads and power plants.
Tinubu has embarked on Nigeria’s boldest reforms in decades, including scrapping a popular but expensive petrol subsidy and lifting restrictions on foreign exchange trading. He has promised to revitalize an economy struggling with record debt, sluggish growth, unemployment and double-digit inflation.
Nigeria, Africa’s most populous country, is considering its bid to become the continent’s second G20 member after South Africa, and is deliberating on the risks and benefits.
